What we do not do
- No property finance
- No valuation for the bank
- No credit advice
Commercial property: financing and insurance
We provide insurance. We do not finance property and we do not act as an intermediary in property finance. What we do here is explain what to look for in a finance offer and which policy the lender will expect from you.
- several insurers compared objectively
- 9.5 customer rating for a new policy
- AFM licence 12016589
- Personal 072 - 509 24 56, weekdays 9–17
This page in another language: Nederlands
Work out for yourself what it would cost.
Enter your details; you will receive a proposal within one working day.
- We compare the offerings of several insurers
- An adviser checks whether the cover suits your activities
- We arrange the switch, including cancellation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
- Independent advice
- Several insurers
- Switching arranged
- Help with claims
In brief
Please note: borrowing money costs money. For commercial property the finance is assessed on the building, the rental income and the quality of the tenants. Compare offers on the total cost of credit and on the annual percentage rate where that is compulsory, not on the monthly payment. A longer term reduces that payment and increases the price.
Finass Verzekert advises on and arranges non-life insurance. Finance falls under a different licence category, so we do not provide credit and do not advise on it. For consumer credit, every licensed provider consults the BKR from € 250 upwards with a term longer than one month.
What we do provide is the insurance your lender almost always requires: the buildings or premises insurance, often with loss of rent and liability. The crucial point: letting, use and vacancy must be declared on the policy, otherwise you will be empty-handed when you claim.
Insurance never stands alone
A mortgage, loan or investment often touches your insurance too. We look at the bigger picture and point you to the right specialist whenever something falls outside insurance itself.
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Who does what in commercial property?
Three cards showing where our role ends and where the lender's begins.
What to look out for
The points that make a finance offer more expensive than it looks.
- Total cost of credit
- Security and covenants
- Terms for early repayment
What we do provide
The policies that go with let and investment property.
- Buildings and premises insurance
- Loss of rent and liability
- Environmental damage and directors' and officers' liability
What is covered
| Situation | At Finass Verzekert | With the licensed provider |
|---|---|---|
| Providing the property finance | No | Yes |
| Assessing the rental income and the security | No | Yes |
| Valuation for the lender | No | Yes |
| Buildings or premises insurance required by the bank | Yes | No |
| Loss of rent and liability as owner | Yes | No |
| Declaring letting, use and vacancy | Yes | Provided that |
What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurer's insurance card (verzekeringskaart).
What to look out for when comparing
- Total cost of credit: what you pay over the whole term above the amount you borrowed
- Security and covenants: mortgage rights, pledges over rent and agreements on the coverage ratio
- Early repayment: what compensation applies if you sell the building early
- The bank's insurance requirement: almost always a buildings policy with the bank noted as an interested party
- Use and mix of tenants: determines the premium and whether the risk is acceptable
- AFM licence or banking supervision: check who you are dealing with before you sign
This overview is general in nature and is not personal advice.
How it works
- You will read what to look out forThis page sets out the questions about costs and security that arise with finance.
- You arrange the finance elsewhereA bank or specialist lender assesses the building, the rental income and the security.
- You send us the insurance requirementWe read the offer or the deed and tailor the policy to it.
- We insure the propertyBuildings cover on rebuild value, loss of rent and liability, with the letting declared.
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.
9.5New policy
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.
Where things go wrong in practice
Four points on which commercial property claims founder.
Letting and use are not stated on the policy
A building insured as an office and used as a workshop or for storage is a different risk for the insurer. Under 7:928 DCC you must declare the actual use. If you do not, the insurer can rely on 7:930 DCC and reduce or refuse payment. Also report every change of tenant that brings a different type of business.
Vacancy is a change you must report
As soon as part of the building stands empty for a longer period, cover in most policies automatically narrows to fire, storm and a few other perils. Water damage, burglary and vandalism then normally fall away. So report a vacancy at once; reporting it afterwards does not help, because the restriction applies from the moment the situation arose.
Liability as possessor of the building
As owner you are liable under 6:174 DCC for damage caused by a defect in the structure, even without fault on your part. Think of a facade panel coming loose or a defective staircase. A liability policy for the building covers that, but almost always excludes deferred maintenance and known defects.
Underinsurance and loss of rent
Insuring on an outdated rebuild value leads to a proportionally lower payment when you claim. 7:960 DCC also prohibits you from ending up in a better position as a result of the payment. A valuation prevents argument. Look at the period for which loss of rent is insured as well: in a large loss that is often shorter than the time needed to rebuild.
Frequently asked questions
This is what people ask us most.
Does Finass Verzekert finance commercial property?
No. We advise and act as an intermediary only in general insurance. Finance falls under a different licence category, which we do not hold. For the credit you go to a bank or a specialist property lender. We do arrange the premises insurance, the loss of rent cover and the liability cover that go with the property.
Which insurance does a lender require?
Almost always buildings or premises insurance on rebuild value, with the lender noted on the policy as an interested party. Loss of rent and liability cover for the building are often required as well. The precise requirements are in the offer and the deed; send them to us and we will match the policy to them.
Do I have to declare letting on the policy?
Yes. Letting, the type of use and every change in it are relevant to the assessment of the risk. If the building is insured as an office while production or storage is going on, the insurer may reduce or refuse payment when you claim. Also report a change of tenant that brings a different type of business.
What happens when the property is unoccupied?
In most policies cover narrows to a limited number of perils, usually fire and storm. Water damage, burglary and vandalism then normally fall away and the excess may be higher. Report a vacancy in advance, so that we can look into whether additional cover or another insurer is possible.
Is loss of rent covered as standard?
Not always, and where it is, a maximum period applies. In a large loss, rebuilding often takes longer than that period, so you lose part of your income while the finance costs continue. So always look at the insured period and not just at whether the section is there at all.
Every situation is different. For these situations we have a separate page.
- Finance: we refer you onThe main page
- Financing commercial property: we refer you onPlease note: borrowing money costs money, The lender requires insurance, Disclose letting
- Financing commercial property: we refer you onNote: borrowing money costs money, security, declaring letting
- Property finance and your insuranceNo finance advice, insuring the security, referral
- Insulation: financing and insurancePlease note: borrowing money costs money, APR, buildings insurance
- Business finance: we refer you onNote: borrowing money costs money, APR, security
- Property portfolio: financing and insuranceNo finance advice, portfolio, referral
- Business services: financing and insurancePlease note: borrowing money costs money, cash flow, professional indemnity
- Property funds and insuranceNo investment advice, funds and entities, referral
Does your policy meet the bank's requirement?
We compare the offers of several insurers and test the cover, the rebuild value and the loss of rent period against your finance conditions.
Prefer to call? 072 - 509 24 56, weekdays 09:00–17:00.
Claim on the road? Emergency line 06 - 55 20 40 72.
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.
You will find our licence, KvK and Kifid details and our complaints procedure at the foot of every page.
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.