Commercial Property Insurance

Buildings and business personal property such as fire c and lightning losses

Real property and business personal property

Dec form, property conditions form, one or more commercial property coverage, causes of loss form, other mandatory endorsements

Additional information on premises, what specific forms will apply, information of any mortgagees and lien holders

What properties are covered, what aren’t, limits and deductible, any special conditions

Perils in basic, broad, and special (open)

Control of property, legal action against insurer, other insurance, policy proof and territory, subrogation, no benefit to bailee, insurance under two or more coverage, liberalization

Neglect of personal bring insureds control will not affect policy

2 years from direct loss to bring action against insurer

Other insurance policy pro rates, different coverage the policy will be exceed.. no loss, no gain

Loss must happen with in dates of policy and territory to be covered.

States the policy of blood of the insured intentionally concealed out misrepresents

Prohibits bailee from being reimbursed from coverage while property is in Bailees care

More coverage without more premium within 45 days of effective date

Completed additions, fixtures, machinery and women’s, maintenance equipment, additions under construction

Furniture, stock, fixtures, machinery, value of labor parts, improvements and betterment, leased property

$2500

Up to 25% of loss plus deductible; additional 25k if needed

Protection of loss on property removed with 30 days

1k

Replace or restore to to 2.5k or policy year

10K per policy period

80%

Notify insurer, notify police of any laws broken, protect property from further damage, provide inventory, allow insurer to inspect property, testify under oath if needed, sign a statement of loss within 60 days

30 days after sworn statement

How loss is settled (ACV), losses less than 2.5K are done on replacement

More than 60 days, excludes vandalism, theft, glass breakage, water damage. Claim paid reduced by 15%

10 days notice by insured if cancelling for non payment or normal. 20 days for all other reasons

Loss x Did carry/ Should carry

Commercial, residential, farm under construction and foundation as well as items within 100 ft

Property expires or is canceled, property accepted by purchaser, interest in property ceases, construction is abandoned 90 days after completion or 60 days after occupied

Landscape, land and water, antennae and towers, signs not attached

Amount of coverage determined with anticipated value of completed building

Changes from other policy types include no vacancy since building under construction and all outdoor balled at ACV

Insured reports value during construction and pays insurance on a gradual increase. 100% coinsurance

Covers property to the association; personal covered by ho-6

Covers personal property of commercial condo unit owners

Pays for loss of income due to a direct physical loss

Provides coverage for loss of business over time

Provides coverage for loss of business over time

With extra expense and with expenses to reduce losa

Covers anticipated tenant income during loss

Loss of business income up to 60 days after business has been restored

Extended period of indemnity, maximum period of indemnity, monthly limit of indemnity, agreed valie

Additional days disclosed in the declarations

No more than the amount of loss covered in 120 daya

Established a yearly amount of agreed coverage

Insured selects a fraction that is multiplied by

Insured selects a fraction that is multiplied by

Location, buyer, manufacturer, leader

Insured selects a fraction that is multiplied by

Location, buyer, manufacturer, leader

When an insured has a loss because a business where they buy merchandise suffers a loss

Insured selects a fraction that is multiplied by

Location, buyer, manufacturer, leader

When an insured has a loss because a business where they buy merchandise suffers a loss

Primary buyer suffers loss

Insured selects a fraction that is multiplied by

Location, buyer, manufacturer, leader

When an insured has a loss because a business where they buy merchandise suffers a loss

Primary buyer suffers loss

Manufacturer cannot deliver good due to loss

Insured selects a fraction that is multiplied by

Location, buyer, manufacturer, leader

When an insured has a loss because a business where they buy merchandise suffers a loss

Primary buyer suffers loss

Manufacturer cannot deliver good due to loss

Business that helps attract customers suffers loss

Allows business to remain open and coverages would cover any additional costs for operating through the period of loss

Covers property under insureds care if insured is legally liable

Fire, lightning, hail/windstorm, smoke, Aircraft, riot/civil commotion, vandalism, sprinkler leakage, sinkhole collapse, volcanic action

Limited for rot, fungi and bacteria

15K per policy year

Glass breakage, weight of rain, people, property, hidden decay or vermin, defective material

Allows insured to report values monthly to establish limits of coverage

Pays for additional costs due to enforcement

Covers perishable items

Land movement and explosions over 168 hr period

Loss or damage to a ship or in transit cargo

Loss or damage to a ship or in transit cargo

Covers loss to movable or specialized types of property; known as floaters

In transit, held by bailee, at a fixed location that is used to transport and movable type of good