1. CGU Padlock
An innovative insurance solution for the Commercial Property Owner

2. Overview: CGU Padlock A tailored product specifically designed
for small, medium and large
commercial property owners
($200K up to $200 million asset value)
A product with a unique value proposition
Comprehensive product plus value added
benefits

3. What is CGU Padlock?
Padlock is designed to cater for the Commercial Property Owner/Landlord market, which is non-strata title.
The product provides an ISR based wording for the property section with Theft, Money, Glass, Liability, Machinery & other sections.
Unique covers include Environmental Upgrade cover & Rent Default.

4. What value does ‘Padlock’ provide
Property
Loss of rent
Theft, Money & Rent Default
Glass
Tax Audit
OHS Fines & Penalties
Liability
Machinery/ Electrical Break down

5. Section 1 - Material Damage
Main Features
ISR type wording
Accidental damage (no sub limit)
Provision for SI to reflect actual replacement values, via CGU Right Cover
Environmental Upgrade 10%
Home, office contents: $25k
Catastrophe cover
Additional Extra Cost of Reinstatement – Even if damage is less than 50%
Theft, glass, money
excluded & covered under
separate policy sections

6. Section 2 – Loss of Income
Covers rent & forms basis of Rent Default Cover available.
Looking to insure for minimum 12 months – preferably 24 months.
Additional Benefits
Accountants fees $5k *
Loss of Documents
* These additional benefits can be varied

7. Section 3 - Theft, Money, Rent Default
Section 3 A – Theft
Cover provided up to full section 1 sum insured – policy schedule to update automatically
Additional Benefits
Environmental Upgrade 10%
Rewriting of Records $50K
Home office contents $25k
Theft in open air $5k
Temporary protection $25k
Clothing & effects $5k / $10k
Injury due to theft $10k / $200 pw

8. Section 3 C – Rent Default
Section 3 B - Money
Blanket Coverage of $50k – automatic with Sect 1 cover but limited to $5k at private residence and on premises O/S business hours
Section 3 C – Rent Default
Available to;
Property that is professionally managed
Tenants that have been in business for more than 12 months.
Extent of cover – maximum 26 weeks (Sum Insured must be at least 6 months rent)
We will pay a contribution to legal expenses (50% up to $3,000)

9. Section 4 - Glass Section 5 – Tax Audit
Providing cover for glass up to $5K or the amount shown in the schedule
Section 5 – Tax Audit
Covering professional fees undertaken in the event of an audit or investigation up to $5k by a federal or state commissioner of taxation.

10. Section 6 – OH&S Breaches
Covers the legal costs & expenses the insured occurs in defending, appealing a OH&S fine/ penalty.
Cover is provided for $100k
Section 7 – Liability
Tailored to property owner(s) – Maintaining covers required by a property owner
Additional Benefits
- GPLC (CCC) $100K, Legal Costs & Cover for others
- Cross liability & Car parks

11. Section 8 – Machinery / Engineering
Covering standard plant, security systems & electronic card access systems etc.
Blanket cover option based on building SI or can cover specified machinery only.
Chillers need to be insured separately as they are excluded from blanket cover.
Additional costs associated with repair - $25k or 50% of SI, whichever is the lesser
Consulting Engineers’ Fees - $5k.

12. What are the Unique Value Added Benefits?
Sum Insured Health Check
Sum insured Desk Top review
CGU are partnering with Reed Construction to provide a commercial SI calculator
We will review the sum insured after binding cover & provide a recommendation to the broker of what we believe the sum insured should be.
If current sum insured is correct we will delete average clause, If it is not we will recommend an increase.
Right Cover survey
It is expected that the majority of properties insured will require a survey to be completed, the Right Cover survey will provide a risk assessment plus a sum insured review.

13. Sum Insured Review Model
A Sum Insured Health Check will be available for ‘qualifying business’ via a Desk Top
Review or a Right Cover survey. A solution for higher value properties is also being evaluated
Right Cover
Valuation
Sum Insured Desk Top Review
Building Sum Insured Review
Only
Building, Stock, Plant, BI
Sum Insured Review
Generally Building & Fittings
only Review
Desktop review of sums
insured for Property risks
Up to $5m in value.
Onsite inspection – Survey
& sum Insured review
for Property & BI risks
$1m up to $15m.
Onsite inspection & review
of Property for values
$5m to $200m plus
Information supplied by
broker, Customer. Reliant on
information supplied
Site inspection & Information
supplied by Customer plus
access to Floor Plan records,
Accounts
Site Inspection, floor plan
& other records
(working on a potential
Solution)
Valuation
Right Cover
Desk Top Review $0
$5m
$15m
$200m
Majority of CGU Portfolio

14. The product will be promoted
Advertising
Comprehensive Cover
Rent Default Cover
Environmental Upgrade Cover
Sum Insured Health Check
The product will be promoted
with 4 main themes

15. electronic newsletter
Insurance news. com
electronic newsletter

16. Marketing collateral
Electronic flyer:
CGU to broker

17. Marketing collateral
Electronic flyer:
Broker to customer