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Property Owner Insurance

Policy Summary

This document outlines the main benefits and restrictions associated with an Allianz Property Owners Policy. It does not list all of the benefits, terms, conditions, limitations, exceptions and exclusions associated with the Policy, a copy of which is available from the Company or your Insurance Intermediary on request. Some covers are optional and will only apply if you have specifically selected them - the quotation or policy schedule will have details of the sections selected. Please take time to read the Policy and your Schedule to ensure that you understand the cover provided.

You should review and update your cover periodically to ensure it remains adequate.

Material Damage Section

Cover for Damage to Buildings, machinery, fixtures and fittings and Stock resulting from one of the following Perils -

  • Fire, Lightning or Explosion
  • Aircraft
  • Riot, Civil Commotion or malicious damage
  • Earthquake
  • Subterranean fire
  • Storm or Flood
  • Escape of Water from tanks, apparatus or pipes
  • Impact by vehicles or animals
  • Sprinkler Leakage
  • Theft or attempted theft following forcible or violent entry to or exit from the Premises
  • Accidental Damage
  • Option to include Subsidence

Principal Extensions

Cover includes:

  • automatic cover for alterations, additions and improvements up to 10% of the sum insured on such property insured or €320,000 whichever is less.
  • public authorities - the additional costs incurred in the rebuilding or repair of the property to a standard required by the authorities.
  • reinstatement of the amount of any loss.
  • removal of debris costs - the cost of removal of debris of the damaged property insured.
  • temporary removal of deeds, documents and computer systems records.
  • trace and access - covers the cost of locating the source of escape of water or fuel oil from any tank, apparatus or pipe and subsequent repairs arising directly as a consequence up to €10,000 for any one loss.
  • locks and keys - covers the cost of replacing locks and keys up to a limit of €1,300 for any one loss.
  • metered utilities - covers charges incurred as a consequence of damage up to €13,000 for any one loss.

Business Interruption Section

Covers loss resulting from interruption of or interference with the Business carried on by the Insured at the Premises in consequence of Damage by an Insured Peril to property used by the Insured at the Premises for the purpose of the Business.

Principal Extensions

Covers interruption or interference with the Business in consequence of:

  • an occurrence of a Notifiable Disease, the discovery of vermin or pests at the Premises, an accident causing defect in the drains or other sanitary arrangements at the Premises, all of which cause restrictions on the use of thePremises on the order or advice of the competent authority up to €150,000 in any one loss.

Principal Exclusions and Limitations (Material Damage and Business Interruption)

Cover excludes:

  • unoccupied buildings are not insured unless they are notified to us and specific precautions are taken to inspect and protect the property as specified in the Policy.
  • malicious damage, freezing or escape of water in any unoccupied building.
  • Theft not involving forcible and violent entry to or exit from the premises.
  • Theft, Storm or Flood to movable property in the open.
  • frost, wear and tear, gradual deterioration, inherent vice, latent defect.

Employers Liability Section

Cover for legal liability for bodily injury to an employee caused during the period of insurance in connection with your business.

Limits of Indemnity up to €13m (any one claim) are available.

Principal Extensions

Cover includes the legal liability:

  • of anyone for whom you are carrying out work under contract.
  • of partners, directors or employees.
  • for health and safety at work legal defence costs.

Principal Exclusions

Cover excludes:

  • injury caused by a vehicle for which motor insurance is required by law.

Public Liability Section

Cover for legal liability for accidental injury or accidental damage to property (not owned by you) occurring during the period of insurance in connection with your business.

Limits of Indemnity from €2.6m to €13m (any one claim) are available for most trades.

Principal Extensions

Cover includes the legal liability:

  • of anyone for whom you are carrying out work under contract.
  • of partners, directors or employees.
  • for health and safety at work legal defence costs.
  • of a joint insured - if more than one party is named as insured the policy will cover them separately subject to the limit of indemnity.

Principal Exclusions

Cover excludes:

  • loss of or damage to your own property or property in your custody or control.
  • liability arising from any vehicle or trailer where motor insurance is required by law (other than loading or unloading)
  • design plan or specification or any treatment or advice given for a fee or where a fee would normally be charged.
  • injury to any employee.
  • fines, penalties, punitive, liquidated or exemplary damages.
  • liability arising from asbestos.

Legal Expenses Section

Covers legal expenses of the Insured for employment disputes, legal defence, contract disputes, property protection and bodily injury, tax protection.

Principal Exclusions

  • any claim reported more than 180 days after the date the Insured should have known about the insured incident.
  • cost and expenses incurred before the Insurer accepts the claim in writing.
  • fines and penalties which the insured is ordered to pay by a court or appropriate authority other than those as a result of an employment compensation award.
  • any incident deliberately caused by the insured person.

Principal General Exclusions (applicable to all sections of the Policy)

Cover excludes:

  • war/terrorism or damage as a result of nuclear accident.
  • damage due to pollution or contamination.
  • any fraudulent, criminal, wilful or dishonest act by the insured or their representatives.
  • the excess - refer to Policy Schedule.
  • loss due to failure in recognising any date as its true calendar date.

Please Note

These products are only available with Allianz via an authorised insurance intermediary, they are not offered on a direct basis.

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