Newcastle Restaurant Insurance Case Study
Finding Insurance Gaps in a Newcastle Restaurant
Location: Newcastle NSW
A restaurant in Newcastle, NSW asked Ideal Insurance Brokers to review its existing insurance after several years of simply renewing the policy.
When we looked at the details, we found several important issues that needed attention.
Important Issues That Needed Attention
Underinsured
The existing sums insured no longer reflected current replacement and reinstatement costs.
Flood cover not included
Flood cover wasn't included, which needed to be considered for the property's location and circumstances.
Outdated turnover
The restaurant's declared turnover was out of date.
Incorrect building construction details
The building construction details recorded on the policy did not accurately reflect the actual property.
What We Did
Rather than simply renewing the existing policy, we went back through the business and property details with the owner.
We reviewed the property values, flood exposure, turnover, building construction, fit-out and other information being used by insurers.
The aim was simple — make sure the insurance was based on what the restaurant and property actually looked like today, not information from several years ago.
The Takeaway
An insurance policy can become outdated even when it is renewed every year.
For restaurant owners, changes in property values, turnover, building details and the risks around the premises should be reviewed regularly.
Running a restaurant in Newcastle or regional NSW?
Ideal Insurance Brokers can review your existing restaurant insurance and help identify areas that may need attention.
Talk to Ideal Insurance Brokers about Restaurant Insurance NSW.
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Insurance Disclaimer: This page provides general information only. Insurance cover is subject to the relevant policy terms, conditions, limits and exclusions.