As part of our standardised products initiative, the Property Policy for 2020-2021 has been updated with the below changes to cover.

Contingent business interruption extension added:

  • Cover for financial loss resulting from interruption or interference to business due to the imminent threat of damage or the safety of the public.
  • The extension does not require damage to occur to the insured property for cover to be triggered.
  • A new and unique form of cover not available in the commercial market, offered by VMIA in response to the needs of clients and the State of Victoria.

Claims preparation costs sub-limit:

  • Cover for reasonable and necessary fees, costs and expenses incurred by clients in the preparation of a claim.
  • VMIA encourages all clients to notify us in the event of any actual or potential claim so we may assist in managing and restoring losses.
  • Sub-limit of $100,000 for any one loss or series of losses arising out of one occurrence.

Environmental upgrade extension added:

  • VMIA will pay up to an additional 20% of the amount that would have been paid, to repair or restore property using environmentally responsible technology or materials.

Landscaping extension added:

  • Cover is provided to trees, shrubs, plants and lawns located at the insured premises.
  • Damage must still occur to insured property for cover under the extension to be triggered.

Loss prevention expenses sub-limit:

  • Reasonable and necessary costs and expenses incurred to protect insured property from imminent damage.
  • Sub-limit of $10,000 for every loss and in the aggregate.

Visitors’ personal property tools and effects sub-limit:

  • Cover for damage to visitors’ personal property whilst on the insured premises, provided that such property is not otherwise insured.
  • Sub-limit of $5,000 per person to align cover with market standard.

More Information

Contact us on 03 9270 6900 or

Please read the full 2020-2021 policy terms and conditions: