Important Property Insurance Notes
Property Claims
All property claims must be lodged and notified, in writing, with CGU no later than 30 days after discovery, as per Condition 6 of the Industrial Special Risks policy
On the happening of any loss, destruction or damage, the Insured shall forthwith give notice thereof in writing to the Insurer(s) and shall (within thirty (30) days after such loss, destruction or damage or such further time as the Insurer(s) may in writing allow), at the Insured's own expense, deliver to the Insurer(s) a claim, in writing containing as particular an account as may be reasonably practicable of the several articles or portions of property lost, destroyed or damaged and of the amount of loss, destruction or damage thereto, having regard to their value at the time of the loss, destruction or damage, together with details of any other insurances on any property hereby insured.
The Insured shall use due diligence and do and concur in doing all things reasonably practicable to minimise any interruption of or interference with the Business to avoid or diminish the loss and shall also deliver to the Insurer(s) a statement in writing of any claim certified by the Insured's auditor, with all particulars and details reasonably practicable of the loss and shall produce and furnish all books of accounts and other business books, invoices, vouchers and all other documents, proofs, information, explanations and other evidence and facilities as may reasonably be required for investigation and verification of the claim together with (if demanded) a statutory declaration of the truth of the claim and of any matters connected therewith.
No claim under this Policy shall be payable unless you have complied with the terms of this condition.
Asset Registers and Proof of Ownership
At the time of a claim, your Shed must be able to produce an Asset Register, itemising the contents of your Shed. It is incumbent upon Sheds to prove their loss and value of each item at the time of a claim. We suggest retaining an electronic copy of your Asset Register, receipts and other proof of ownership documentation, in the cloud, for access when required.
In addition to an asset register, a video log of the shed interior and contents could also assist in quantifying your loss to the insurer in the event of destruction or major burglary.
You can download a sample Asset Register here for your own implementation
Industrial Special Risks Declared Values
Industrial Special Risks property insurance is written on a “Reinstatement/Replacement” basis which means replacing the property destroyed or restoring the damage with new materials without any deduction for depreciation or volunteer labour.
Please note the minimum, combined contents & building, declared value for the Industrial Special Risks policy is $100,000*.
You need to assess whether the declared values you have chosen are adequate every year before you renew your Policy.
*Additional charges apply for cover above this limit.