The Importance of Adequate and Up –To –Date Insurance Coverage!

By Michael Catts, Principle at Marsh Advantage Insurance.

As a professional insurance advisor, Michael Catts is constantly reiterating to clients the importance of adequate up- to- date insurance coverage.

When it comes to commercial property owners specifically, there are a number of extremely important aspects to consider.

Adequate Building Insurance cover against Fire and Extraneous Perils (e.g water damage, storm damage, impact by vehicle and vandalism).

The basis of valuation for commercial properties under most commercial insurance policies is defined as the cost of rebuilding or reinstating your property using similar BUT BRAND NEW materials. Therefore what is important to ascertain is the cost of the required materials, the cost of the required labour, engineers and architects fees that will need to be incurred as part of the process, necessary removal of debris costs, and the extra costs of reinstatement due to changes in local by-laws or building codes/regulations. This is the information necessary to determine your BUILDING SUM INSURED for insurance purposes.
Know what exactly is defined under your insurance policy as the BUILDING.
Generally speaking, “BUILDING” includes the foundations, storage tanks, awnings, exterior lights, masts, antennae and aerials, fixed external signs, walls, gates, fencing, pavements and other structural improvements, property owner’s fixtures and fittings, floor coverings, plant, plumbing or wiring services that are within the building.
“BUILDING” does NOT include land, including topsoil, fill and dams, landscaping, reservoirs or canals.

Do I Need Public Liability insurance coverage if my tenant has their own Public Liability?

The answer to this question is quite simply YES. Your tenant’s Public Liability insurance cover provides protection for your tenant if they have negligently caused injury to other persons or damage to other property ARISING FROM THEIR BUSINESS ACTIVITIES AND/OR OCCUPANCY OF YOUR PREMISES. YOUR Public Liability insurance cover on the other hand provides protection for YOU if YOU have negligently caused injury to other persons or damage to other properties ARISING FROM YOUR RESPONSIBILITIES AS THE OWNER OF YOUR PREMISES.

Kalb Brothers Join Forces as ‘JUST COMMERCIAL’ Sets in for a New Wave of Business

Melbourne, 7th December 2018 – Property expert David Kalb has recently joined as partner, his brother Steven Kalb and James Taylor, both of whom were the founding partners of ‘Just Commercial’.

The company has in the last 6 months alone experienced a 15% increase in sales and leasing activity and with a new wave of business in the pipeline, is anticipating an even more profitable year ahead.

David has more than 15 years combined experience as Director and Manager in some of Melbourne’s biggest corporate real estate companies such as CBRE, Colliers International and Savills.

“In the last 6 months alone we have realised a 15% increase in sales & leasing activity” stated director Steven Kalb, “We are confident that David will contribute even further to this commercial success and form an integral part of Just Commercial’s next chapter.”

This move marks a new beginning for Just Commercial as David Kalb, although across all sectors of the commercial real estate market, will focus on implementing the company’s growth strategy, it’s property consultancy services and heading up a strong Industrial sales sector, an area that he has specialised in for most of his property career.

“David is superbly positioned to significantly add to our already strong presence in the south & south eastern commercial & industrial locations.” commented director James Taylor “His breadth of experience, knowledge and network of clients will offer yet another valuable dimension to the Just Commercial brand.”

Just Commercial was founded by Steven Kalb and James Taylor some 9 years ago. Steven was a founding partner in Dome Commercial from 1999 until 2010, when that company was divided; Steven was joined by James to form Just Commercial at a time when the commercial market was a little subdued. Over the years, Just Commercial has evolved into one of the most reputable, boutique commercial agencies in Melbourne’s south eastern suburbs with a loyal, astute client base, facilitating and managing high profile property.

“2019 is going to be a very exciting time for Just Commercial and I look forward to being part of it’s growing force.” commented David Kalb “I will continue to provide the same, exceptionally high level of personalised service I always have by continuing to nurture my existing, loyal clients as well as reaching out to new ones.”