Property

Property Overview

Each year, QGIF deals with a range of property claims, from minor water damage through to significant damage following a natural disaster.  The Property section of QGIF’s insurance policy provides agencies with cover for loss and damage to Queensland Government insurable assets. It also provides cover for additional costs incurred in getting your Agency up and running to the same position it was in prior to the incident which caused the loss or damage.

Who’s Covered?

  • All Queensland Government agencies insured with QGIF.

What’s covered?

The cover provided under Property is divided into two parts:-

  • Part 1 – loss or damage to an Agency’s property from events such as:
  • Part 2 – loss of revenue and increased costs of working in order to maintain supply or services of an Agency due to loss or damage to property by one or more of these events.

What’s excluded?

  • wear and tear or damage as a result of an Agency’s failure to maintain an asset
  • erosion occurring over a period of time
  • subsidence, earth movement or collapse (unless sudden and unforeseen)
  • unexplained inventory shortages
  • property undergoing construction (this should be covered under the builder’s insurance policy)
  • motor vehicles requiring registration
  • assets such as roads, bridges and tunnels, groynes, canals, dams, standing timber, railway tracks, crops, land and animals
  • costs associated with Counter Disaster Operations.

Frequently Asked Questions

Examples include buildings, contents, unregistered vehicles, plant and equipment, glass, money, computers and remotely piloted aircraft.  The property asset schedule help guide provides additional information.

Claim payments are made on a replacement and/or reinstatement basis (i.e. new for old). QGIF does not apply any depreciation when paying your Agency’s property claim. Costs associated with replacing or reinstating the property, such as meeting current statutory requirements, architects and/or engineers’ fees, as well as costs incurred in removing debris are included.

QGIF does not pay ‘betterment’ costs i.e. replacing a wooden shed with an aluminium one.

This is noted on your Agency’s Insurance Certificate.

The Property Section covers insurable assets that are in the Agency’s care, custody or control and for which they are responsible.  On this basis, if a lease creates a legal obligation for the Agency to insure plate glass, QGIF will provide the cover.

Increased costs due to a claimable event such as a fire, flood etc. These additional costs may be in relation to the cost of temporary office accommodation, or relocation. Before your Agency can claim for these increased costs, a Property claim must exist under Part 1 – Material Loss or Damage.

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