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Vero building insurance: what each policy covers, and who underwrites it

4 building policies from Vero. For each: whether flood and accidental damage are covered, and what happens once the building is left empty, with the sentence from its own documents. Underwritten by AAI Limited.

Website: vero.com.au/
What it is: Brand
Listed on: Business premises and property owners, Factories, warehouses and large property (ISR)
Underwriter: AAI Limited
APRA: Authorised by APRA to write new general insurance (listed as AAI Limited)

Building policies

Vero Business Insurance

Type: Business property · Commercial
Sold: Through a broker
Flood: Optional extra
Accidental damage: Optional extra
Left empty: No cover after 60 days. You must tell the insurer. Unless Vero agrees in writing (may add premium, conditions or a higher excess). For a building owner, untenanted counts. Not for management liability, tax probe or goods in transit.
Who it is for: Australian-based businesses and not-for-profit organisations operating on an ongoing basis, or commercial property owners; property section covers buildings, contents and stock used by the business (not buildings used only for residential purposes).
Documents: Vero Business Insurance Policy PDS and Policy Wording (V10162 05/12/24 A) (5 December 2024) · Target Market Determination (updated 25/06/2025) (25 June 2025)

Property Damage (Policy Section 1) is one of 12 selectable sections; the TMD says each section is quoted on offer and acceptance and some sections are mandatory depending on circumstances.
Buildings that are used only for residential purposes are not suitable for this product.

The policy

“The Vero Business Insurance Policy product offers a range of covers under 12 policy sections.”

Source: vero.com.au/content/dam/suncorp/insurance/vero/documents/target-market-determination/v11104-25-06-25-a-vero-business-insurance-tmd-lr.pdf · Confirmed on the insurer's page on 13 November 2026.

How it is sold

“this product must only be distributed by an Australian based and appropriately licensed insurance broker or other intermediary (Distributor) with which Vero has an agreement to distribute this product;”

Flood

“Cover for flood is available as an optional insurance.”

Accidental damage

“Where your policy schedule shows that you have chosen to insure for “Accidental Damage”, the maximum we will pay for any one (1) claim is the total declared value plus the insured amount for specified items.”

Source: vero.com.au/content/dam/suncorp/insurance/broker/documents/small-medium/v10162-05-12-24-a-vero-business-insurance-pds-lr.pdf · Confirmed on the insurer's page on 13 November 2026.

Left empty

“You are not insured while the building is unoccupied for a period of 60 days or more, unless we agree to insure you.”

Source: vero.com.au/content/dam/suncorp/insurance/broker/documents/small-medium/v10162-05-12-24-a-vero-business-insurance-pds-lr.pdf · Confirmed on the insurer's page on 13 November 2026.

Who it is for

“Customers who operate an Australian-based business or not for profit organisation on an ongoing basis or are commercial property owners.”

Vero SME Business Insurance (BizCover)

Type: Business property · Commercial
Sold: Through a broker
Flood: Optional extra
Left empty: No cover after 60 days. You must tell the insurer. Unless Vero agrees in writing (may add premium, conditions or a higher excess). For a building owner, untenanted counts. Not for management liability, tax probe or goods in transit.
Who it is for: Australian-based businesses and not-for-profit organisations operating on an ongoing basis, or commercial property owners; sold only through brokers or other intermediaries (the policy wording is hosted on BizCover's site).
Documents: Vero SME Business Insurance PDS and Policy Wording (V11562 30/04/25 A), hosted by BizCover (30 April 2025) · Target Market Determination (updated 25/06/2025) (25 June 2025)

The SME policy wording is listed on Vero's own documents page as the BizCover version; the PDS PDF itself was not downloaded.

The policy

“Vero SME Business Insurance Policy – Product Disclosure Statement (PDS) & Policy Wording V11562 30/04/25 A and any Supplementary PDS”

Source: vero.com.au/content/dam/suncorp/insurance/vero/documents/target-market-determination/v11571-25-06-25-a-vero-sme-business-insurance-tmd.pdf · Confirmed on the insurer's page on 13 November 2026.

How it is sold

“this product must only be distributed by an Australian based and appropriately licensed insurance broker or other intermediary (Distributor) who is authorised by us or our agent to distribute this product;”

Flood

“Cover for flood is available as an optional insurance.”

Left empty

“You are not insured while the building is unoccupied for a period of 60 days or more, unless we agree to insure you.”

Source: insure.bizcover.com.au/WebForms/Public/PolicyWordings/Vero%20SME%20Business%20Insurance%20V11562%2030-04-25%20A.pdf · Confirmed on the insurer's page on 13 November 2026.

Who it is for

“Customers who operate an Australian-based business or not for profit organisation on an ongoing basis or are commercial property owners.”

Vero Property Insurance (ISR)

Type: Industrial special risks (ISR) · Industrial
Sold: Through a broker
Left empty: No cover after 60 days. You must tell the insurer. Only for loss caused or contributed to by the vacancy; unless notified and agreed in writing. An addendum protects inadvertent failure to notify.
Who it is for: Industrial Special Risks for companies with total declared values in excess of $5 million; standard ISR wordings with endorsements; broad appetite including high hazard industries.
Documents: Vero Steadfast Client Trading Platform Industrial Special Risks Policy wording (V10520 06/12/17 B) (6 December 2017) · Vero Property (ISR) policy documents page

The only wording published is the Steadfast-branded ISR wording dated December 2017 (V10520); 'Standard ISR wordings are used with endorsements tailored to client's needs'.

The policy

“Vero can provide property insurance for medium to large sized organisations, offering expert insurance and risk management solutions for Industrial Special Risks (ISR).”

Source: vero.com.au/med-lrge-business-insurance/property.html · Confirmed on the insurer's page on 13 November 2026.

How it is sold

“Our property underwriting specialists work with your broker to provide tailored solutions based on your individual needs.”

Source: vero.com.au/med-lrge-business-insurance/property.html · Confirmed on the insurer's page on 13 November 2026.

Left empty

“(c) whereby any premises containing any Property Insured hereunder shall become unoccupied, and so remain for a period of more than sixty (60) days;”

Source: vero.com.au/content/dam/suncorp/insurance/vero/documents/Steadfast-pdfs/v10520-06-12-17-b-vero-steadfast-sctp-isr-policy-wording-lr.PDF · Confirmed on the insurer's page on 13 November 2026.

Who it is for

“Industrial Special Risks coverage for companies with total declared values in excess of $5 million”

Source: vero.com.au/med-lrge-business-insurance/property.html · Confirmed on the insurer's page on 13 November 2026.

Vero Higher Hazard Property (ISR)

Type: Industrial special risks (ISR) · Industrial
Sold: Through a broker
Left empty: Outside who the policy is for.
Who it is for: Well-managed, high-severity occupations (e.g. timber mills, woodworking, plastics, chemical production); minimum total asset value $5,000,000 and 5 years of claims history.
Documents: Higher Hazard Property Appetite Guide (August 2025) (1 August 2025)

Appetite guide lists occupations as Yes/No for Vero Specialty Lines.
Limited appetite for EPS/ACP panel construction; PIR and other non-combustible insulated panels are acceptable.

The policy

“Our Higher Hazard Property Insurance is tailored for businesses with well-managed, high-severity occupations, providing specialised solutions backed by risk management to assist you in securing the appropriate coverage for your clients.”

Source: vero.com.au/specialty-lines/higher-hazard-property.html · Confirmed on the insurer's page on 13 November 2026.

How it is sold

“With Vero Specialty Lines, brokers gain direct access to a dedicated team of underwriters to ensure fast, consistent and personalised support.”

Source: vero.com.au/specialty-lines/higher-hazard-property.html · Confirmed on the insurer's page on 13 November 2026.

Left empty

“Unoccupied Premises No”

Source: vero.com.au/content/dam/suncorp/insurance/vero/documents/pdfs/vero-higher-hazard-property-appetite-guide-08-25.pdf · Confirmed on the insurer's page on 13 November 2026.

Who it is for

“Total Asset Value > $5,000,000”

Source: vero.com.au/content/dam/suncorp/insurance/vero/documents/pdfs/vero-higher-hazard-property-appetite-guide-08-25.pdf · Confirmed on the insurer's page on 13 November 2026.

Who underwrites and sells it

Underwriter

“This insurance is issued by AAI Limited ABN 48 005 297 807 AFSL 230859 trading as Vero Insurance.”

Source: vero.com.au/content/dam/suncorp/insurance/broker/documents/small-medium/v10162-05-12-24-a-vero-business-insurance-pds-lr.pdf · Confirmed on the insurer's page on 13 November 2026.

AAI Limited: licence

AFS licence: 230859 · AAI LIMITED
ABN: 48005297807
Licensed since: 8 November 2003
Principal business: Brisbane QLD 4000
General insurance: Licensed to deal in general insurance products

From ASIC's AFS Licensee dataset, release of 11 November 2026, Creative Commons Attribution 3.0 Australia.

Deep Almanac is a secondary source and this page is provided for general information and reference. It is not financial, investment, legal, valuation, educational or other professional advice, and it is not a substitute for checking the original source. What each policy covers and who underwrites it are read from each insurer's own documents by hand and re-checked daily, so a change can take a day to appear, and the policy wording you are issued is what applies to you. You are responsible for any decision you or your software makes in reliance on this page. See our terms of use.