Property insurance up to settlement ?

Discussion in 'Commercial Property' started by ianski, 6th Jan, 2021.

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  1. ianski

    ianski New Member

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    Qld
    I have recently sold a strata titled commercial property in Qld, my solicitor advised me that I am responsible for insuring the property until settlement which is at the end of the month.

    The building is insured by the body corp and the tenant has insurance for the fitout (which they own) and window glass cover.

    I am not sure what other insurance I would need , my solicitor is away until next week so I am unable to ask him.

    Does anybody know if I need some extra cover ?

    Thanks in Advance ..
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    That would seem to be at odds with other sales in Qld where the purchaser is required to insure once they have an insurable interest in a property.

    Contact an insurance broker to confirm & take out a cover note if necessary.
     
    willair likes this.
  3. wylie

    wylie Moderator Staff Member

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    Aren’t you better to just keep the insurance in place and cancel it once you settle at the end of the month - it’s only two weeks away.
     
    willair likes this.
  4. qak

    qak Well-Known Member

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    I think the OP is saying they don't normally have any policy.
     
    Stoffo likes this.
  5. Stoffo

    Stoffo Well-Known Member

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    Technically it is insured under your body corporate, the building/structure and public liability (to common area's).

    As it is commercial there isn't all that much to insure anyway, as most of the fit out likely belongs to the tenant.

    I don't bother wasting the money, mine is not insured directly by me, only via BC
     

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