Reliable coverage and dependable service
Commercial Property Insurance:
Property Insurance is any type of commercial insurance that reimburses an
insured party who has suffered a financial loss because property has been
damaged or destroyed.
Property is considered to be any item that has value and
can be classified as real property or personal property. Real property
is land and the attachments to it, such as buildings. Personal Property
is all property that is not real property.
The Building and Personal Property coverage form is used
to insure almost all types of commercial property.
The insuring agreement in the Building and Personal Property
coverage form promises to pay for direct physical loss or damage to covered
property at the premises as described in the policy under covered cause
Coverage for the building includes the building and structures,
completed additions to covered buildings, outdoor fixtures, permanently
installed fixtures, machinery and equipment. The building material used
to maintain and service the premises is also insured.
Business Personal Property owned by the insured party
and used in business is covered for direct loss or damage. This type of
commercial insurance policy is also intended to protect against loss or
damage to the personal property of others while in the insured party's
care also known as Property Damage Extension or Care, Custody & Control.
Basic property insurance policies are written to cover
fire, lightning, explosion, windstorm, hail, smoke, aircraft or vehicle
damage, riot or civil commotion, vandalism, sprinkler leakage, sinkhole
collapse and volcanic action.
Other property insurance policies add coverage for water
damage, weight of snow, ice or sleet, breakage of glass and coverage for
Most commercial insurance companies use two approaches
to determine value of a property: 1. The replacement cost of a property
is the cost to replace it with new property. 2. Actual cash value (ACV)
is replacement cost, minus the accumulated depreciation for age and condition.
Our focus is upon:
- Accessing your insurance requirements
- Matching your needs with the right kind of coverage
- Providing the highest level of coverage for the lowest cost