Composite Risks Property Insurance
THE POLICY
Composite Risks Property Insurance provides broad cover for the whole range of Church owned properties but in particular for the unique historical and ornamental features that are often evident in Cathedrals, Churches, Monasteries and Convents.
The policy covers physical loss or damage to the insured property as a result of fire, explosion, natural disasters, theft, vandalism or accidental damage. Natural disasters covered include storms, wind, water, flood, lightning and earthquakes.
WHO NEEDS THIS COVER?
Church operated organisations and businesses, including:
- Primary and secondary schools,
- Cathedrals,
- Churches,
- Parish buildings,
- Monasteries,
- Convents,
- Hospitals, and
- Aged care facilities.
DEDUCTIBLES/EXCESS
The standard deductible is $500 any one loss or series of losses arising out of the one original source or cause. In the event of more than one deductible applying to one loss, the deductibles do not aggregate and only the largest deductible applies. Deductions can be varied subject to a premium adjustment.
LIMITS OF LIABILITY
Liability is limited to the sums insured specified against each section of the policy and the adequacy of these amounts should be reviewed regularly to ensure adequate protection.
FIRE SERVICES LEVIES and STAMP DUTY
There is no Fire Service Levy in South Australia, Queensland, Northern Territory and the ACT, the gazetted rates apply elsewhere. Where applicable, stamp duty is added and calculated on the total of the basic premium and Fire Service Levy.
FEATURES and BENEFITS
There is a choice in cover and in how claims are settled, the options are:
Reinstatement or replacement of property which means old depreciated property is repaired or replaced without deductions for wear and tear or depreciation.
Modified reinstatement or replacement which allows sums insured to be less where the amount payable in the event of a substantial or total loss will be based on the cost of erecting a similar type of building of current design and modern materials but not necessarily as large as the damaged building. This cover is often suitable for older, historic buildings where in the event of a total loss a more functional building may be preferred.
Value at the time of loss which means replacement value less an allowance for wear, tear and depreciation.
The policy also covers:
- Architects, surveyors and consulting engineers fees.
- Statutory fees payable due to rebuilding after a loss.
- Fire extinguishment costs.
- Temporary protection costs pending repairs.
- Demolition and removal of debris expenses.
- Replacement of locks following the theft of keys.
- Loss or damage to clothing and personal effects belonging to Directors, Priests, Housekeepers, Teachers and Students.
- Loss or damage to portable equipment anywhere in Australia (i.e. laptop computers, musical instruments) where specifically insured.
OPTIONS/EXTENSIONS
Consequential Loss Insurance (also known as Business Interruption Insurance)
To assist the business or organisation in recovering after a major property loss, consequential loss insurance can be arranged to insure:
- Loss of revenue or loss of profit.
- Additional costs involved in avoiding or minimising interruption to business i.e. hiring portable or alternative buildings.
- Labour costs in restoring or replacing business books or records.
- Professional fees incurred in preparing claim details.
- Loss of rent.
TAKING OUT A POLICY
Catholic Church Insurances Limited will assist in obtaining information necessary for providing a quotation or issuing a policy.
Claims should be lodged with Catholic Church Insurances Limited as soon as possible. Any burglary, theft or vandalism should be immediately reported to the police and any damaged property should be retained for inspection.
Please note: this information sheet is not intended to replace the policy wording. It is designed for information purposes only and should be read in conjunction with the policy wording. For further information or a full copy of the policy wording please contact Catholic Church Insurances Limited on 1300 655 001.
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