Commercial Property & Business Interruption
This document outlines the main benefits and restrictions associated with an Allianz Combined Property Policy. It does not list all of the benefits, terms, conditions, limitations, exceptions and exclusions associated with the Policy. Please take time to read the Policy and your Schedule to ensure that you understand the cover provided by the Policy. A copy of the Policy 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.
You should review and update your cover periodically to ensure it remains adequate.
Cover for Damage to Buildings, machinery, fixtures and fittings and Stock resulting from one of the following Perils -
- Fire, Lightning and Explosion
- Riot, Civil Commotion or malicious damage
- 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
- automatic cover for alterations, additions and improvements up to 10% of the sum insured on such property insured or €500,000 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 €25,000 any one loss.
- locks and keys - covers the cost of replacing locks and keys up to a limit of €10,000 any one period of insurance.
- metered utilities - covers charges incurred as a consequence of damage up to €25,000 any one loss.
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.
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 the Premises on the order or advice of the competent authority up to €250,000 in any one Period of Insurance.
- Damage caused by an insured Peril to property in the immediate vicinity of the Premises which prevents or hinders the use of the Premises or access thereto up to €250,000 any one Period of Insurance.
- Damage caused by an insured Peril to property at any generating station or substation of the public electricity, gas, water, telecommunications supply undertaking up to €250,000 any one Period of Insurance.
Principal Exclusions and Limitations (Material Damage and Business Interruption)
No cover for:
- 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.
Includes cover for:
- Crossed cheques/postal orders/money orders - limit of indemnity €250,000
- Covers cash and other negotiable money:
- on the Premises during Business Hours, in transit to or from the bank or in a bank night safe - limit selected.
- in a locked safe at the Premises out of Business Hours - limit selected.
- out of a safe outside Business Hours in the Premises - €500.
- damage to safes or strong rooms - limit of indemnity €10,000.
- money whilst in the personal custody of travellers or collectors - limit of indemnity €1,000.
- personal assault during the course of the Business
- death, loss of limb, loss of sight and permanent disablement of €15,000.
- temporary total disablement €85 per week (up to 104 weeks).
- vouched medical expenses as a result of assault up to a limit of €500.
- damage to clothing or personal effects up to a limit of €650.
- loss due to dishonesty of any employee, director or partner of the Insured.
- money in vending machines in excess of €500.
- loss from an unattended vehicle.
- loss arising from shortages due to error, omission or depreciation in value.
Principal General Exclusions (applicable to all sections of the Policy)
No cover for:
- 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.