Pro-Sure for Body Corporates / Apartments – Overview
This is a policy overview only; please refer to the actual policy for full details.
Because the cover is additional to the insurance provided under the Body Corporate Unit Titles Act 1972 requirements, the Pro-Sure for BC cover excludes sudden and/or accidental damage to the property as this is covered under the BC insurance.
The Pro-Sure for BC provides the most extensive cover available in NZ at present. Cover for loss or damage to the apartment itself is provided if it is the result of malicious damage, theft or burglary.
However, full cover is provided for the contents; for loss or damage as a result of sudden, accidental, or malicious acts as well as cover for burglary and theft claims, thus providing unequalled maximum protection for NZ based rental properties. Furthermore, the policy provides extensively cover for loss of rent.
Damage to the Rental Apartment and Contents
• Damage resulting from theft, malicious, burglary full replacement up to $30,000
• Damage to the rental apartment contents automatically up to $20,000 with option to increase
• Gradual damage $5,000 including GST
• Damage to contents includes, sudden or accidental and malicious damage, burglary or theft by the tenant, and live in family or invitees
• Earthquake and natural disaster cover is included
Rent loss protection standard $1,000 maximum rent per week
• Abandonment 6 weeks/ until re-let
• Rent arrears 14 weeks maximum
• Prevention of access 52 weeks/ re-let
• Prevention of use due to murder / suicide 52 weeks/ re-let
• Prevention of access due to death of tenant 6 weeks/ re-let
• Prevention of access due to damage 52 weeks/ re-let
• Shortening of fixed term / suffering loss 52 weeks/ re-let
• Failure to vacate after Tribunal order 18 weeks/ re-let
Other Policy Cover Provided
• Landlords legal liability $1,000,000 max
• Legal defence expenses in The Tenancy Tribunal $2000
• Tenancy advice free (per policy) 60 minutes/ year
Options and insurance for non-standard properties.
1. An increase in the amount of insured contents is available to extend the contents cover beyond the standard $20,000. (An additional premium will apply).
2. An option to increase the weekly rent applicable is available on request.
3. For properties built pre-1945 additional information is required
Excess Applicable per event (or as shown in your quote / schedule):
1. Sudden, accidental damage and rent losses $500 min
2. Burglary, theft by tenant, malicious damage $500
3. Un-occupancy (maximum 60 days) $750
4. If appropriate, the bond will be deducted from a claim settlement
Special conditions applicable for Apartments;
1. The Pro-Sure cover for apartments can only be provided for apartments with a minimum size, including balconies.
2. If a foreign national is the tenant, great care must be taken to obtain copies of passport, entry visa or student visa and proof of their overseas domicile.
3. Inspections are required to be carried out and documented and actions agreed upon every 3 months.
The Pro-Sure policies have been developed by experts in property management and insurance, offering the highest quality protection for property investors.