Owner's interest
- Structure, facade and roof
- Central heating, lift and fixed wiring
- Hard surfacing and fencing
- On the buildings policy
Business contents and tenant's improvements in let property
With let property, two policies run alongside each other. The dividing line between the owner's interest and tenant's improvements determines who pays which bill after a fire.
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In brief
The buildings insurance taken out by the owner covers the building: structure, facade, roof, floors and the fixed installations the owner has put in. That is called the owner's interest. Everything the tenant has since had installed at its own expense — partition walls, a suspended ceiling, floor finishes, a pantry, extra electrical circuits, air handling — is tenant's improvements and belongs on that tenant's policy.
The business contents and the goods belonging to the tenant fall outside the owner's policy in any event. Machinery, furniture, equipment and stock are the occupier's property and go on its business contents and goods insurance, usually at replacement value as new for the contents and at purchase value for the stock. For the property owner that matters mainly in order to know where the line runs.
When it comes to it that line is vague, because alterations legally become part of the building by accession while economically they remain the tenant's. Without an agreement, that is exactly where the dispute arises after a fire. Set out in the lease who insures which part and ask for a copy of the policy schedule. See also tenant's improvements in property.
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Who insures what?
Three interests, two policies and one line you must set out in the contract.
Tenant's improvements
The structural alterations the tenant has paid for itself.
- Walls, ceilings and floors
- Pantry and extra sanitary facilities
- Adapted installations
- On the tenant's policy
Business contents and goods
The movable property with which the tenant runs its business.
- Machinery and furniture
- Stock and packaging
- Never on the buildings policy
- Its own security requirements
What is covered
| Situation | Owner | Tenant |
|---|---|---|
| Roof, facade and load-bearing structure | Yes | No |
| The landlord's central heating installation | Yes | No |
| Walls installed by the tenant | No | Yes |
| Machinery, furniture and stock | No | Yes |
| Rent lost after a covered claim | Provided that | No |
| The tenant's loss of turnover | No | Provided that |
The division in this table is the usual starting point. What actually applies follows from the lease and from both policy schedules.
What does your premium depend on?
- Trade or activity of the occupier: what goes on in the premises
- Sums insured: tenant's improvements, business contents, goods
- Construction type of the building: brick, steel or combustible panels
- Security: locks, an alarm and a monitoring centre
- Occupancy rate: vacancy increases the risk
- Excess: different for each section
Insurers weigh these details differently. That is where your saving is.
How we arrange it
- You request a quoteWe take stock of your situation, risk and wishes.
- We compareseveral insurers, on premium as well as conditions.
- You receive a proposalWith an explanation of the differences and the exclusions.
- We arrange the switchIncluding cancellation, so there is no gap in cover.
Why arrange it through Finass Verzekert?
We look at the terms as well as the premium, and stay your point of contact when there is a claim.
Independent
We are not tied to one insurer and compare on the basis of an objective analysis of several companies.
One fixed adviser
You call or email someone who knows your file. No menu options, no changing call centres.
Switching without hassle
We cancel your old policy and align the start date, so you are never a day without cover.
Help with claims
We report the claim and monitor how it is handled. In urgent cases you can reach us on the emergency line.
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9.8Claims handling
Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
Four points for property owners
These subjects determine whether a gap opens up between the two policies after a loss.
The tenant's trade or activity is stated on your policy
The building's insurer assesses the risk on the basis of what goes on in the premises. If the tenant changes the use — from office to workshop, from showroom to storage — the fire risk changes while your policy still states the old business activity. Article 7:928 of the Dutch Civil Code requires you to provide that information and Article 7:930 of the Dutch Civil Code gives the insurer the option of reducing or refusing payment. Include a duty to notify in the lease.
Set out the line between the interests in the contract
After a fire it is hard to establish in retrospect who paid for which installation. So draw up a schedule of condition with photographs at handover and keep the tenant's fit-out invoices with the file. State expressly in the lease that the tenant insures its tenant's improvements, business contents, goods and business interruption, and ask each year for a copy of the policy schedule. That prevents you as owner from being pursued for an investment that was not yours.
What is not covered
Excluded from cover are, among other things the tenant's business interruption where it has no business interruption cover of its own and loss of rent without a separate section, subsidence and foundation damage, defects caused by deferred maintenance and wear and tear and construction and design faults. Intent and recklessness on the part of the insured are excluded under Article 7:952 of the Dutch Civil Code. Money, negotiable documents and third-party property also call for a separate arrangement, and use that departs from the declared trade or activity is a ground for refusal in its own right.
Vacancy affects both policies
If a tenant leaves, its business contents and its cover disappear, but the premises are left behind unsupervised. Vacancy is a change in risk: most buildings policies then fall back to fire, storm and explosion and drop glass, water and vandalism cover. Installations left behind that are formally still tenant's improvements often fall between the two policies during that period. Report a vacancy in advance and record what measures you take on locking up, lighting and inspection.
Frequently asked questions
This is what people ask us most.
Can I insure the tenant's improvements as the owner?
That is possible in consultation with the insurer, provided the amount is included in the sum insured and appears on the policy. It is not the standard situation and it calls for a clear agreement with the tenant about who bears the premium and who is entitled to the payment after a loss. Without that agreement, a dispute arises about who replaces the investment.
What happens to alterations when the tenant leaves?
That depends on the lease. Often the tenant must hand the property back in its original condition, but just as often installations are left behind and pass to the owner by accession. If they are left behind, tell your insurer that the building's sum insured must go up, otherwise underinsurance arises.
Are my tenant's business contents covered anywhere on my policy?
No. A tenant's movable property never falls under the owner's buildings insurance. The tenant insures it itself on business contents and goods insurance, with its own security requirements and its own sum insured. As owner you do have an interest in that policy existing, because an uninsured tenant after a fire often means a tenant who does not come back.
Who pays for damage caused by the tenant?
The damage to the building is paid by your buildings insurance. That insurer may then try to recover the loss from the tenant or its liability insurance. Many leases contain a clause about recovery between the parties; have it assessed before you sign, because it determines whether recovery actually remains possible.
Am I liable for a defect in the building?
As the possessor of a building you are liable under Article 6:174 of the Dutch Civil Code for damage arising because the building does not meet the standards that may be expected of it. Think of a facade panel coming loose or a floor giving way. That liability does not run through the buildings insurance but through liability insurance for property owners.
Every situation is different. For these situations we have a separate page.
- Compare business contents insuranceThe main page
- Insuring business contents, goods and tenant's improvementsBusiness contents, goods, tenant's improvements
- Tenant's improvements, business contents and goods in rented premisesAccession, right of removal, alterations
- Tenant's improvements insurance for rented business premisesShell fit-out, ROZ lease, right of removal
- Tenant's improvements in propertyWhat the tenant installed, outside the buildings policy, declaring it
- Insuring a warehouseBuilding, contents, storage
- Business contents and goods insurance for a butcher's shopRefrigeration, spoilage, tenant's improvements
- Tenant's improvements and business contents in propertyWhat you had installed, outside the buildings policy, declaring it
- Buildings insurance (opstalverzekering) for property ownersTrade description, index, loss of rent
Read more
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About our service
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
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This page was compiled by Finass Verzekert (LinkedIn). Last updated on .
The information on this page is general in nature and is not personal advice.