Published: 13 January 2012.

Contributed by Karen Takken of PB Insurance

• Are you guaranteed that your student accommodation facilities are covered correctly under your current insurance policy?
• At PBI we want you to have the right cover and appreciate that you should not be paying boarding house rates for your Student Accommodation Facility.

Many student accommodation properties are often incorrectly insured under standard domestic home or landlords’ policies.  If you have more than one lease in place most Standard Landlord Insurance or Domestic Home Policies will not respond in the event of a claim. If, for example, a tenant was injured, and a student accommodation provider submitted a claim under the public liability section of their Landlord or Domestic Home policy, the claim would result in rejection because the policy in place was not designed for the purpose that the property is being used for.  We would add that all agents for owners of student accommodation facilities could be held vicariously liable if the correct insurance cover is not in place.

If your property is not insured correctly, consider how you might pay for a compensation claim worth $5million if a student was to injure themselves on your property…

Ask yourself these three questions:

1. Do you have multiple leases in place? 
2. Are you compliant with Local Council Regulations?
3. Have you or your agent disclosed all relevant information to the Insurance provider?

If you are unsure or the adequacy of your current policy, please contact us and we will be happy to review your current covers at no charge.

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