An Adelaide landlord says insurers will not cover his Hindley Street property because it is too risky, and premiums for his tenant's business have more than quadrupled.
The Australian Hotels Association says insurers are asking many applicants to pay for a risk assessmentAlex Radda owns the building where he used to lease a cocktail bar."They're paying around about $13,000 a year for their business insurance, where as we were paying $3,000," he said.Mr Radda said no-one wanted to insure his building because it was on Hindley Street.
Mr Radda said insurers offered little explanation for declining to sell cover and he felt they were "geographically discriminating". Mr Horne said country pubs struggled to get cover because insurers saw many as a fire risk due to their age. Australian Hotels Association SA chief executive Ian Horne says insurers are being selective about who to cover.He said insurers also wanted applicants to pay for a risk assessment at their own cost.
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