Many of our clients have treasured possessions including artwork and sporting memorabilia which they use to adorn their office walls. It’s wonderful to have these pieces on display for others to appreciate and enjoy, and for our clients to see where they spend so much time.
It is often the case that our clients own these items personally, however quite often they have not thought about their insurance cover.
Your office insurance will more than likely have the Insured name as a Company/Family trust. It is important to remember that the rightful owners need to be noted as the Insured entity to prevent confusion in the event of a claim.
You might believe your Private home contents insurance policy will provide you with cover, however in our experience it is unlikely to extend to these items which are not located in your place of residence.
If one of these items are damaged or destroyed the Insurer will request proof of ownership and if the policy insured name does not reflect the correct owner, the claim may be denied.
I would suggest you check with your private home Insurer to clarify if your contents are covered when away from your home, and if not, please contact your Planned Cover Broker for advice on the best way to cover your treasured personal possessions.
To ensure the items are covered, the simplest solution would be noting these items and including their rightful owners under the company office insurance policy.
We have also found clients are selling some assets to their own Self-Managed Super Fund (SMF). If this is the case, be aware that the SMF will need to be noted on the insurance policy as the owner.
If you have any questions regarding this exposure or if you would like us to provide you with a quotation on your office insurance, please contact the Planned Cover broker in your state.
|National Business Manager
State Manager SA
|(08) 8363 7366
|State Manager WA
|(08) 9261 1200
|State Manager QLD & NT
|(07) 3017 1500
|State Manager VIC
|(03) 8508 5400
|State Manager NSW
|(02) 9957 5700
State Manager – Planned Cover QLD/NT
With over 30 years in the Insurance industry, Karen has worked on all classes of insurance specializing in Professional Indemnity insurance. She has worked extensively with the Architects, Engineers, Building Designers, Real Estate Agents and Accountants.
Karen enjoys mentoring staff to achieve their goals and help them with their insurance career.