Commercial Property Insurance Quote Checklist

Key takeaways

• Complex property quotes start with occupancy, construction and defensible values.
• Fire protection, risk surveys and outstanding actions need evidence, not broad labels.
• Rental income or business interruption values need a stated calculation and period.
• A quote summary is not enough. Compare the schedule, wording, limits and exclusions.

A commercial property insurance quote checklist for a complex risk needs to explain why the property is different. Mixed tenants, industrial processes, older construction, vacancies, large values and shared services can all change the submission.

The objective is simple: give an underwriter enough structured evidence to understand the asset and ask precise follow-up questions. The checklist does not guarantee terms or replace a valuation, engineering report or legal review.

What basic property information belongs in the submission?

Start with ownership, address, use and construction. Then make every occupancy and value traceable to a document.

Section	Core evidence
Ownership	Legal insured entities, financiers and other interests
Property	Address, title, floor area, year built and alterations
Construction	Walls, roof, floors, insulation and cladding
Occupancy	Tenant names, activities, lease dates and vacant areas
Values	Buildings, contents, stock, plant, rent and interruption values
Protections	Sprinklers, alarms, hydrants, security and maintenance records

Tank’s commercial property insurance guide sets out the broader placement process. If the current policy is struggling with the risk, the signs a property has outgrown a business pack can help frame the comparison.

How should occupancy and construction be described?

Use the actual activities at each part of the site. Industrial, retail, storage and office uses can coexist at one address, and a broad property type may not show the underwriter what happens there.

Include hazardous goods, cooking, hot work, battery charging, manufacturing processes, storage height, vacancy, heritage controls and renovation plans. State whether services, fire systems or walls are shared across tenancies.

The National Construction Code’s current building classification guidance distinguishes storage buildings from factories and other uses. Insurance underwriting uses its own categories, but approved use and real activity are valuable evidence.

Which declared values need supporting calculations?

Each declared value needs a clear basis and date. A building figure prepared years ago may not answer what it would cost to reinstate under the current policy basis.

Ask the valuer or adviser to identify demolition, debris removal, professional fees, code upgrades, escalation and the treatment of landlord and tenant improvements. Stock, machinery and contents should be separated rather than buried inside the building figure.

Tank’s commercial property value guide explains why the valuation basis matters. For larger or more tailored structures, industrial special risks insurance may be one comparison route, not an automatic answer.

How should interruption and protection information be prepared?

State whether the exposure is landlord rental income, an operating business interruption, or both. Show the selected period, the calculation, dependencies and the expected path to recovery.

For protections, provide inspection dates, maintenance contracts, impairment procedures and any risk-survey recommendations. Mark each recommendation complete, in progress or open, with evidence. Avoid saying a site is fully protected unless the documents support that conclusion.

A Product Disclosure Statement sets out exclusions, caps, limits and other conditions, but it is a retail-client document, and many complex commercial and ISR placements are not retail, so the disclosure pack can look different. The principle still holds: read the schedule and the full wording rather than relying on a one-page comparison.

Frequently Asked Questions

What makes a commercial property risk complex?

Complexity can arise from mixed or hazardous occupancies, unusual construction, layered values, several interested parties, location hazards or detailed interruption exposures.

Do I need a valuation for a commercial property quote?

A current professional valuation may be useful, depending on the property and policy basis. Confirm the requested method and declared-value categories.

Can a complex property still use a business pack?

Potentially, where the product appetite, limits and wording fit. A commercial property or ISR structure may also need comparison.

How can Tank help prepare the submission?

Tank Insurance can help organise the property, occupancy, value and protection evidence before seeking terms. Contact Tank Insurance on 02 9000 1155 or email [email protected].