Insurance cover for property exposed in the open

Your buildings insurance offers protection for all permanent fixtures and fittings falling within the insurer’s definition of buildings. Fixtures positioned or installed in open areas or easily accessible locations on or around the property are susceptible to increased risks of theft or vandalism. While many insurance policies may provide limited additional coverage for such items, these coverage limits are often insufficient for the actual replacement value of relevant fixtures. Therefore, property owners should consider obtaining additional insurance coverage for these fixtures, which may be removable without the use of force or violence.

Access control equipment

This category includes electric gate motors, intercom and card reader systems, and CCTV camera equipment. With the rise in theft and vandalism incidents, the risk of loss or damage to access control equipment also increases. In the event of equipment loss or damage, the property and its occupants are left vulnerable, facing potential further property loss or damage. Depending on the equipment type, replacement costs are often significantly higher than the basic coverage included. Existing equipment may become obsolete or unavailable, forcing property owners to upgrade if replacement or repair becomes necessary. Therefore, property owners must ensure that the insured value of such equipment aligns with the current replacement and potential upgrade value.

Air-conditioning installations

While these items are typically considered permanent fixtures, there may be an increased exposure to theft or malicious damage due to the equipment being located in open areas. If equipment is lost or damaged due to theft or attempted theft, coverage may be subject to policy limitations. The loss or damage may necessitate a complete replacement and/or upgrade of the unit, resulting in a shortfall if coverage limits are not increased.

Other fixtures

This category encompasses any property fixtures installed with limited or no access restriction, such as firefighting equipment, electric motors and pumps, solar panels and related equipment, and even electrical installations like lighting. The loss of such fixtures not only poses a financial burden on property owners but also jeopardizes the safety and integrity of the insured property.

It is essential for property owners to thoroughly assess all property installed in easily accessible locations and the associated risk of vandalism or theft without the use of force or violence. Consideration should be given to the exposure and consequences that the property and owners may face if such fixtures are lost or damaged. Property owners should then reassess insured values to ensure adequate coverage is in place.