A property renewal is easier to negotiate when information is current, consistent and supported by evidence. Starting early leaves time to address issues that can restrict insurer appetite.
1. Replacement value
Market value is not rebuild cost. Allow for demolition, fees, escalation and code upgrades, supported by a current valuation.
2. Loss of rent
Approvals, design, construction and re-leasing can take longer than expected. Review both the amount and the indemnity period.
3. Occupancy
Confirm every tenant activity and vacant area. New uses can materially change insurer appetite.
4. Condition and controls
Prepare evidence about roof, wiring, plumbing, fire protection, security and completed insurer recommendations.
5. Claims
Explain repairs and risk improvements after each material event, not only the claim amount.
6. Ownership and finance
Confirm entities, interested parties, leases and lender requirements. Give the broker enough time to test suitable markets.
This information is general and does not take into account your objectives, financial situation or needs. Policy wording and individual circumstances determine cover. Seek advice before acting.