Unit interior
Fit-out, partitions, flooring and fixtures the master policy excludes.
Business Insurance
Commercial condo insurance for unit owners.
The association insures the building shell. Everything your business put inside the unit is your responsibility.
Owning a commercial condominium unit works much like owning a residential one: the association carries a master policy on the building, and the unit owner insures whatever that policy leaves out. Where the line falls varies by association, and reading it is the first step.
The master policy line and loss assessment
Master policies range from bare walls to all-in. Under a bare walls policy, the fit-out, partitions, flooring and fixtures your business installed are entirely yours to insure — and in a commercial unit that is usually a substantial figure.
Loss assessment cover pays your share when the association assesses owners for a shortfall above its limits or inside its deductible. Default limits are often low relative to a realistic commercial assessment.
What it covers
The parts of a commercial condo insurance policy
Business contents
Equipment, stock and furniture inside the unit.
Loss assessment
Your share of an association assessment after a large loss.
Business interruption
Income lost while the unit cannot be used.
Working with us
What we do differently
We are an independent agency, so we place your commercial condo insurance across several carriers rather than fitting you to one company's product. That means a genuine comparison, and someone to call who is not a call centre.
- Read the association master policy first, then insure to where it stops
- Raise loss assessment cover above the default limit
- Insure the fit-out you installed, not the unit as originally built
Common questions
Commercial Condo Insurance, answered
What does the association master policy cover?
It depends on the form — bare walls covers the structure only, all-in includes the unit interior. Reading the association declarations is the only way to know where your responsibility starts.
Is my fit-out covered?
Under a bare walls or single entity master policy, generally not. Commercial fit-out is often a large investment, and it is one of the most commonly underinsured items in this arrangement.
What is loss assessment?
When the association suffers a loss above its limits or inside its deductible, it can bill owners for the shortfall. Loss assessment cover pays your share, and default limits are usually too low for commercial associations.
Related cover
Often arranged alongside this
Condo Insurance
The association insures the building. An HO-6 policy insures everything from the drywall inwards, plus the assessments the association can pass on to you.
Read moreHOA Insurance
Boards are volunteers making decisions that owners can and do challenge. Directors and officers cover is what stands behind them.
Read moreCommercial Property Insurance
Property cover repairs the building and replaces the contents. Business interruption replaces what you could not earn while that happened — and it is usually the larger number.
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