Hi, urgently need some help....
We claimed from GIO storm water damage in Feb 2010 over $30k, no problem $ well received. Now it comes to renewing the lease with landlord. Our existing lease has given us 200% liability towards pretty much any damage from any source including storm water and flood therefore landlord has not been looking after the property and will not be spending any $ to rectify the problem e.g. putting flood gate in or speak to the council. And we are not allow to put sand bags along where the water comes from due to that would re-direct excessive water to next door which is also his property!
Now my questions is: if nothing has been done and nothing will be done, the premises stays the same situation being potentially affected by storm water (it's not under a flood affected area), would GIO, or any other insurers, NOT insure us offer us the business insurance? I am very concern we are now considered as High risk policy holder. What is high risk policy holder and how is premium calculated?
Many thanks
Olive
We claimed from GIO storm water damage in Feb 2010 over $30k, no problem $ well received. Now it comes to renewing the lease with landlord. Our existing lease has given us 200% liability towards pretty much any damage from any source including storm water and flood therefore landlord has not been looking after the property and will not be spending any $ to rectify the problem e.g. putting flood gate in or speak to the council. And we are not allow to put sand bags along where the water comes from due to that would re-direct excessive water to next door which is also his property!
Now my questions is: if nothing has been done and nothing will be done, the premises stays the same situation being potentially affected by storm water (it's not under a flood affected area), would GIO, or any other insurers, NOT insure us offer us the business insurance? I am very concern we are now considered as High risk policy holder. What is high risk policy holder and how is premium calculated?
Many thanks
Olive
