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Insurance Advisory Service
  • Home
  • Our services
    • Our Client Journey
    • Personal Insurance
      • Income Protection Insurance
      • Life Insurance
      • Total and Permanent Disability insurance
      • Trauma Insurance
      • Health insurance
      • Home Contents Insurance
      • Motor Insurance
      • Landlord Insurance
    • Business Insurance
      • Business Expenses
      • Business Interruption
      • Business Property
      • Buy Sell Agreements
      • Commercial Vehicle
      • Cyber Protection
      • Group Income Protection
      • Key Person
      • Management Liability
      • Marine Transit
      • Professional Indemnity
      • Public Liability
    • Financial Advice
      • Estate Planning
      • Investments
    • Superannuation
      • Retirement Planning
      • Self Managed Super Funds (SMSF)
      • Wealth Accumulation
  • Resources
    • Videos
    • EOFY
    • E-Books
  • News & views
  • About
    • The IAS approach
    • The IAS Investment Philosophy
    • Case Studies
      • Trauma Insurance Case Study
      • Business Property Insurance Case Study
      • Business Interruption Case Study
      • Superannuation Case Study
      • Workers' Compensation and Income Protection Case Study
      • Contract Review Case Study
    • Testimonials
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Business Property Insurance Case Study

Obtain property values from a reputable source regularly and ensure that you review your policies each year in detail

An online solution suits my needs. But does a shortfall of $300,000 suit my budget?

Insurance Advisory Service met with investment property owner, Greg Hartley.* Greg had owned a block of units for more than 20 years and he had always personally estimated the valuation of his units.

Greg’s Business Property Insurance was due for renewal, and upon a friends recommendation, he decided to use Insurance Advisory Service to assess his policy and estimated replacement value.

Greg’s estimate of replacement value for the block of units had been assessed at $2 million dollars, so he was surprised when Insurance Advisory Service advised him that the recommended replacement value in fact, $3 million dollars based on software that Insurance Advisory Service utilises for their clients.

Deciding to err on the side of caution, Greg accepted our recommendation.

Outcome: Greg is now in a stronger position should a claim for the units occur.

Had he remained with the previous policy sum insured of $2,000,000 and a total loss claim had occurred, he would have been under-insured and incurred a financial loss of more than $1,000,000.

Lesson: Obtain property values from a reputable source regularly and ensure that you review your policies each year in detail.

* Client’s names have been changed to protect confidentiality.

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ABOUT US

Incorporated for over 40 years ensures experience, knowledgeability and skill at identifying unforeseen risks and producing effective strategies. Unlike most brokers, we do not rely upon mathematical formulas or statistical models generated by computers to produce solutions– we believe every client is unique and our approach is tailored accordingly.

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Level 2, 273 Alfred Street
North Sydney, NSW 2060
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PO Box 1073
North Sydney, NSW 2059
Call: (02) 8268 2900

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