Is 5 million Public Liability enough?

[phm]

Our landlord insurance policy has $5 million for public liability. I wonder is that enough?

I think that unless you're in the industry you would probably never know because if you are sued, apparently the insur company doesn't tell you how much they paid up.

Any thoughts?

 

[sbe]

These days, I'd be looking for 10mil.

{Sarcastic comment on}
That'll probably just cover you if someone trips and gets a small bruise, but not much more....
{Sarcastic comment off}

 

[paulzag]

No it's not enough

Regards

PaulZag
Dreamspinner

Oh OK I've been hassled into elaborating.

$10M is standard these days. That should tell you something. The savings in premium is almost non-existant.

Being underinsured is as bad as being un-insured.

 

[phm]

Hi there.

This policy is the CGU one through ANZ and the 5 mil is the standard. I'll contact them to see if I can increase it, otherwise it looks like I'll be looking for another policy.

Thanks.

 

[phm]

hi there.

After talking to the insur mob, have increased the public liability to $20 million for a measly $19 a year in extra premiums.

The $5 mil must be a default. Pays to check these things out.

Thanks.

 

[warreng]

$5mil is a pathetic amount these days. Why they haven't got $10mil as the minimum is beyond me. You won't find anything below $10mil on CGU's normal household policies.

 

[bready]

Hi All,

I just rang CGU for a quote this afternoon and was asked if I wanted $5m or 10m cover. I said, gee, 5m is alot why would you need any more? He replied that a couple of years ago a tenant electrocuted themselves on a faulty stove and sued the owner for over $5m. That will do me I said, give me 10! You just never know!

Regards

Bready

 

[Pamela Yardney]

Gemini

As a property manager let me say that I do not think $5million is sufficient cover and neither do our insurance brokers.

As has already been explained by someone else, it doesn't cost much more to get $10million cover.

That 's the amount we recommend to all our landlords