COMMERCIAL PROPERTY

Building & Personal Property

Several standard additional coverages are included, e.g., debris removal when a building is destroyed. Meeting a policy’s minimum coinsurance requirement may allow for several extensions, e.g., a 30-day grace period for newly constructed or acquired property.

  • Building

    • May include any additions or materials, equipment, and supplies used to alter the building

    • Covers permanent fixtures and permanent machinery and equipment

    • Covers property used to maintain or service the building, e.g., fire extinguishers or a lawnmower

  • Business Personal Property

    • May include all business property within 100 feet of the premises as well as Tenant Improvements and Betterments

    • May be scheduled coverage, i.e., a list of items is submitted for possible coverage

  • Personal Property of Others (optional)

    • Insures other’s property in your care, custody, and control

    • Pays to the property’s owner should a loss occur

Business Interruption

This policy can help ease some of the financial strain should you suffer a loss that interrupts normal operations.

  • Business Income Coverage provides income replacement during temporary closure while rebuilding from a loss

  • Extra Expense Coverage covers extra costs incurred while continuing business during rebuilding, e.g., renting temporary space

Boiler & Machinery (B&M)

Also known as Equipment Breakdown Insurance, this policy can fill the gaps in your general property and liability coverages when machinery explodes due to a sudden accident. Only accidental and sudden failures are covered - it does NOT cover damage or liability caused by the failure or an explosion due to an un-maintained machine.

  • o   Covers damaged property and protects against lawsuits

    o   Covers a variety of mechanical and electrical objects, e.g., air conditioning units, turbine objects, transformers, and engines

    o   May select coverage that excludes or includes any production machinery

FLOOD INSURANCE

  • Only available in defined flood-prone areas

  • Limited coverage of damage from tidal surge, mudslides or shoreline collapse

  • Typically, a 30-day waiting period before new coverage will startand covers damage from tidal surge, mudslides, or shoreline collapse.

EARTHQUAKE & VOLCANIC ERUPTION

This rider requires the purchase of an underlying policy. Your standard property policy will cover damage from volcanic ash, but not “ground rumblings” from earthquakes or volcanos.

  • Covers earthquakes and any aftershocks for seven days after the initial event

  • Covers earth movement from a volcanic eruptionThe deductible is percentage based; each tremor or additional rumblings within a seven-day period are included in the first deductible.

MARINE INSURANCE

Marine insurance is not just for policies that cover ocean shipping. These are riders, called “floaters,” that cover almost all aspects of moving goods around as well as several specialty coverages that my not be found elsewhere.

  • Ocean Marine covers goods shipped across the ocean.

    • Hull coverage for loss or damage to a ship and its equipment

    • Cargo coverage for goods being shipped

    • Freight coverage for a freight charge on the cost of shipping goods and any lost profits

    • Provides Protection & Indemnity for the ship’s owner

    • Protects against fire, breakage, crew theft, and jettison

  • Inland Marine covers the movement of goods over land including imports, exports, domestic shipments, and property that facilitates transportation.

    • Contractor’s Equipment – Property located on a job site, e.g., a backhoe or other contracting equipment

    • Installment Sales – Items on consignment, e.g., art displayed for sale in a gallery

    • Installation – Items on a job site for install and still in your control, e.g., an air conditioning unit

    • Bailees Customer – Items in your temporary care, custody, and control, e.g., items at a dry-cleaning business

    • Exhibition – Property at a trade or exhibition show

    • Physician’s & Surgeon’s – Medical, surgical, and dental equipment

    • Jeweler’s Block –A jeweler’s entire stock along with jewelry in for repair

    • Jewelry Salesperson’s Sample – Samples for a traveling salesperson

    • Electronic Data Processing Equipment – Computer systems and data

Each policy will have stipulations, limits, and exclusions. Extensions, riders, and floaters are available to fill any gaps. The information on this website is an overview of the types of insurance you may be able to purchase, but does not comprise full explanations of policy types nor does it guarantee any particular coverage or policy.