The calculator and the quote form below are in Dutch. Prefer to do this in English? Email info@finassverzekert. nl or call 072 - 509 24 56 and we will take it from there.
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
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
Whatever is fixed to a building passes through accession into the ownership of the owner of the land. That follows from Article 5:20 of the Dutch Civil Code. Legally, your tenant's fit-out is therefore yours. Your buildings insurance however, was taken out on the rebuild value of the premises as you let them, and that calculation dates from before the alterations.
For the landlord this is therefore not a cover question but a contract and administration question: who insures the tenant's improvements, who receives the payment, and what happens at the end of the lease. Set that out in the lease and ask your tenant for the policy schedule each year rather than relying on it.
The structure of the cover in three parts, with an overview per situation below.
The basics
Liability
AVB for property damage and injury, BAV for professional errors.
Damage to third parties
Employers' liability
Care, custody and control as an extension
Your business
Assets and continuity
Business contents, goods and lost turnover during downtime.
Business contents at replacement value as new
Goods at cost price
Business interruption or additional costs
If you employ people
Staff
Sickness absence, accidents and the traffic risk.
Continued pay for 104 weeks
Group personal accident
WEGAS for traffic risks
What is covered
Situation
AVB
BAV
Cyber
Injury to a visitor or customer
Yes
No
No
Damage to a client's property
Sometimes
No
No
Financial loss caused by an advisory or calculation error
No
Yes
No
Downtime after a ransomware attack
No
No
Yes
Data breach involving personal data
No
Sometimes
Yes
Damage to property in your care
No
No
No
This overview is general in nature and is not personal advice. What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) of the insurer; you receive both before you take out cover. Taking out cover without advice? Then read what execution only means for you.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
Accession makes it your property, not your sum insured
A tenant converting an office floor into production space raises the rebuild value of your premises without your policy schedule moving with it. In a total loss, settlement is on what you declared, and where there is underinsurance the proportionality rule applies: you receive proportionately less, including on the part that was correct. Have the rebuild value established again after major fit-out work.
Two policies on one item lead to overlapping cover
If you insure the fit-out and your tenant does too, there is no double payment. Both policies contain an overlapping cover provision pointing to the other insurer, with the result being an argument at the moment you can least use one. Choose expressly in the lease who carries the tenant's improvements, and then remove that item from the other policy.
What your tenant does in the premises changes your risk
A retail unit that becomes a takeaway with a deep-fat fryer, a warehouse where batteries are stored, a garage that starts spray painting: that is a change in risk and you must report it to your insurer. If you do not, cover can lapse in the event of a fire. Include a permitted use clause in the lease with an obligation to notify you of changes in writing in advance.
At the end of the lease the question becomes sharp
The tenant must in principle reverse any alterations made when handing back the premises, unless you agree otherwise; Article 7:216 DCC governs that right of removal. If you take the fit-out over, whether or not for a payment, it joins your own insurable interest. Record the condition on handover with photographs and only then adjust the policy schedule, before a new tenant moves in.
What does your premium depend on?
Rebuild value including fit-out. The current rebuild value, including what tenants had installed, is the basis of the buildings premium.
The tenants' use of the premises. Office, retail, catering or production produce widely differing fire risks in the same premises.
Construction type and compartmentation. Structure, roof covering and fire separations between units determine how far a loss can spread.
Number of units and vacancy. Empty units carry their own clause with limited cover against burglary and vandalism.
Prevention and inspections. A fire detection system, firefighting equipment and periodic inspection of the electrical installation weigh in acceptance.
Excess and period of rent loss cover. The excess chosen and the period over which lost rent is paid feed straight through into the premium.
Insurers weigh these details differently. That is where your saving is.
How we arrange it
You request a quoteWe take stock of your activities, turnover 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.
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.
Does my buildings insurance cover what the tenant installed?
Only if the rebuild value was established again after that work and the fit-out is in the sum insured. Legally the fit-out is yours through accession, but for insurance purposes what you declared is what counts. If that has not been updated, you are underinsured and every claim is settled proportionately.
What do I put in the lease about this?
Three things: who insures the tenant's improvements and up to what amount, the obligation to produce a valid policy schedule each year, and what happens to the alterations at the end of the lease. Add a permitted use clause requiring the tenant to notify changes of use in writing in advance, so that you can inform your own insurer.
What if my tenant and I have insured the same thing?
Then there is no double payment. Both policies contain an overlapping cover provision pointing to the other insurer, which leads to delay and argument after a loss. So decide in advance who carries the fit-out and have the other party take that item off the policy schedule. We can set both policy schedules side by side.
Do I have to report that my tenant is starting a different business?
Yes. A change of use or activity is a change in risk that you must pass on to your insurer. From office to catering or to battery storage materially changes the fire risk. Failing to report it can cost you cover when a loss occurs, even if the fire turns out to have had nothing to do with that activity.
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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