Information Sheet - Property Cover

Property Cover

Under the Comcover Statement of Cover (the Statement of Cover), Comcover Fund Members are covered for property losses up to the amount specified in their Assets Schedule.1 It is the responsibility of Fund Members to ensure their Assets Schedule is always up-to-date. If an asset is not declared on the Assets Schedule, it is not covered under the Statement of Cover.

Details of Cover

Comcover’s Property Cover is designed for unexpected and unforeseeable loss or damage to property caused by events such as fire, theft, burglary, flood or motor vehicle impact. There are four types of cover under this class:

(i) Property

Buildings should be insured by Fund Members based on their full replacement value, including any reasonable fees necessary to repair or rebuild at that location.2 The value of the property including other fees must be included on the Assets Schedule. Therefore, if a registered valuer is engaged to value the entity’s buildings, ensure a full replacement value is provided for the purpose of insurance.  Other types of property such as electronic data and records, hardware, software, and collections such as artwork, should be insured for its full replacement value.

(ii) Property-in-transit

Fund Members are insured for Property-in-Transit, from the point of commencing movement to the point of delivery, whether that is by road, sea or air. Property-in-Transit is covered up to the limit shown on a Fund Member’s individual Schedule of Cover, available in the Comcover Gateway on the Launchpad. If a Fund Member requires a special shipment to be covered and the value exceeds the standard limit of $5,000,000 the Fund Member must advise their Comcover Relationship Manager in advance of the transit.

(iii) Fraud

Cover for first party Fraud, committed by, or with the collusion of, staff or officers of the Fund Member is included in the Statement of Cover. The entity’s limit should be reviewed in relation to the amount of funds or value of property that might be fraudulently appropriated.3 The standard limit for fraud related losses is $5,000,000.

(iv) Business Interruption

Business Interruption covers financial losses consequent upon the interruption of business operations due to the loss, destruction, damage or inaccessibility of property. Business Interruption cover includes lost revenue and additional operating costs to resume or maintain normal business operations. The ability for Comcover to pay compensation for property losses is limited to the amount the Fund Member has specified in their Assets Schedule at the time the loss occurs. As with other insurances, Fund Members must ensure adequate cover is specified by maintaining an up-to-date Assets Schedule at all times.

Cover Exclusions

Exclusions include, but are not limited to, any loss or damage which occurred:

  1. because the entity failed to take all reasonable steps to prevent the loss;
  2. due to wear and tear, rust, latent defect, gradual deterioration, moths, vermin, disease, dampness or dryness of atmosphere, extremes or changes of temperature; or
  3. due to unexplained inventory shortages, disappearances resulting from clerical or accounting errors, shortage in supply or delivery of items to or from your organisation.

Comcover Contact

For more information, please contact the Relationship Manager assigned to your entity directly.  Otherwise, please call 1800 651 540 – Option 3 or email

1Assets schedules are located on the Comcover Launchpad (Launchpad).  

2The value should also include any sundry costs, including but not limited to, fees for architects, surveyors, engineers, the reasonable cost of removing debris, demolition, and any other installation costs necessary to comply with current building requirements.

3Examples of property or funds that might be fraudulently appropriated include liquid funds held in current accounts or in trust funds.

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