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 (BC) 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 one of the most extensive covers 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.
Cover is provided for the contents; for loss or damage as a result of malicious act and burglary or theft by the tenant.
Covers the rental apartment and contents from:
• Damage resulting from theft, malicious damage, burglary – full replacement up to $25,000
• Damage to the rental apartment contents automatically up to 20,000 with option to increase
• Damage to contents from malicious damage, burglary or theft by the tenant, live-in family or guests
• “P” damage/clean-up costs up to $25,000 (conditions apply: see policy wording)
Rent loss protection
• Abandonment 6 weeks
• Rent arrears 10 weeks maximum
• Prevention of access 8 weeks
• Prevention of use due to murder/suicide 26 weeks
• Prevention of access due to death of tenant 6 weeks
• Failure to vacate after tribunal order 10 weeks
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.
• Landlords legal liability $1,000,000 maximum
• Legal defence expenses in addition to the legal liability limit
• 30 minutes FREE landlord advice
• The maximum excess under any one claim is $500 even if you claim under more than one section. What is more, the bond remains the landlords!
Optional Contents Cover
• Cover from accidental damage, floods, fires etc. can be added to your policy. Please contact us if this of interest.
The Pro-Sure policies have been developed by experts in property management and insurance, offering the highest quality protection for property investors.