Our experienced property insurance experts design insurance programs for all types of commercial properties. Whether you have a multi family rental property, a 200 unit apartment complex or a condo association we know the markets, the best pricing options and coverage solutions for your property
Coverage
Building and Business Personal Property Insurance: This will provide the property coverage for the building and the Business Personal Property you own at a designated location. There are “Extra Coverages” like Backup of Sewer & Drains, Ordinance or Law, Additional Debris Removal and Employee Dishonesty (to name a few) that should be reviewed within any property policy. These “Extra Coverages” are different from each insurance company.
General Liability: This provides coverage if you are accused of causing bodily injury or property damage at a location you own. If you are sued, this important coverage will pay for an attorney and pay any settlement or judgement against you subject to your policy limits.
Commercial Automobile: Most States require you purchase auto insurance coverage if you own or lease a vehicle that is being operated on any public street or highway. This policy should also cover any vehicle that is not owned by your company but used in the scope of your business – this is called Non-Owned & Hired Auto Liability coverage.
Commercial Umbrella: This policy allows you to increase your Liability coverage above $1,000,000 for any potential claim. You may decide what umbrella limit to purchase based upon your assets at risk and any contractual requirements you may have. An Umbrella Policy typically goes over the general liability, commercial auto and the workers compensation policies (aka the Primary Policies). Most umbrella policies will require primary policy limits to be at least $1,000,000. These underlying requirements may vary by provider.
Condominium Association: This would provide the necessary insurance coverages to protect a Condominium Association. Typical insurance coverages would include Building & Business Personal Property, Flood, Earthquake, General Liability, Automobile, Workers Compensation, Commercial Umbrella, Directors & Officers Liability and Crime Insurance.
Apartment Buildings: This would provide the necessary insurance coverages to protect a building Owner. Typical insurance coverages would include Building & Business Personal Property, Flood, Earthquake, General Liability, Automobile, Workers Compensation, Commercial Umbrella and Crime Insurance.
Commercial Buildings to include Office, Retail, Manufacturing and Warehouse Buildings: This would provide the necessary insurance coverages to protect a building owner. Typical insurance coverages would include Building & Business Personal Property, Flood, Earthquake, General Liability, Automobile, Workers Compensation, Commercial Umbrella and Crime Insurance.
Crime Coverage: There are many types of crime coverages to consider. You should evaluate which ones are most relevant to you. Crime coverages can include Employee Dishonesty, Forgery or Alteration, Theft of Money – On Premise, Theft of Money – Off Premise, Computer Fraud and Funds Transfer Fraud.
Earthquake: This is always EXCLUDED but can typically be added to your Building Insurance Policy. This will have a higher deductible than the standard policy deductible.
Flood: This is always EXCLUDED on your Building Insurance Policy. You can secure this coverage through your Building Insurance Policy or by purchasing a separate Flood Policy.
Ordinance or Law Coverage: This coverage will provide the following coverages if your building is damaged and a city or town’s regulations requires the following: 1.) Tear down and Rebuild the portion of the Building that was NOT Damaged. 2.) Pay for any upgrades to the Building as required by the City or Town as required by the current Building Code.
Backup of Sewer & Drains: This coverage is excluded or limited within many insurance policies and the policy limit should be reviewed and upgraded accordingly.
Broadened Water Coverage: This coverage allows for damage to your building when the water seeps through a foundation or a cement floor and causes damage to the interior of your building. This coverage is typically excluded. However, some insurance policies will allow you to purchase this coverage.
Additional Debris Removal: This provides additional coverage for the cost of debris removal of covered property after a covered loss. This can be especially important when you have a loss and are not rebuilding your structure.
Replacement Cost Coverage: As long as you rebuild your building after it has been damaged, you will be reimbursed for your depreciation that was deducted from your initial claim check.
Loss of Rental Income: This coverage will pay you the Loss of Rental Income caused by the damage to your Building as long as you can prove the Loss of Rental Income.
Extra Expense: This will pay any extra expense to repair your building so your tenants can get back into their space as quickly as possible.
Blanket Property Coverage: When a company has multiple locations, there can be one Blanket Property Limit on the policy that will cover all locations. A Blanket Property Limit can be Building only, Business Personal Property only or a combined Building & Business Personal Property limit.
Equipment Breakdown: This is a coverage for the loss due to mechanical or electrical breakdown of equipment that is used to operate a building. Covered Equipment could include HVAC System, Boiler and sometimes Computerized Systems with the building.
Coinsurance: This is a minimum percentage that a Building Owner is required to carry for a Building Limit. Coinsurance is typically 100%, 90% or 80%. Example: If the Replacement Cost of a Building is $1,000,000 and you have an 80% Coinsurance clause, you must carry a Building Limit of at least $800,000. If your Building Limit is below $800,000 at the time of a claim, you would be penalized when the claim check is issued.
Pollutant Cleanup & Removal: This provides the cleanup and removal of any pollutants on your property after a covered claim has occurred.
Outdoor Property: This covers property that is outside or detached from your Building. Outdoor Property could include Outdoor Lighting, Radio or Television Antennas, Satellite Dishes, Trees, Shrubs or Plants etc. There are limited causes of loss for damage to Outdoor Property.
Lost Key Coverage: If a Master Key was lost or damaged, this coverage will pay for new keys and/or locks to make the building secure.
Tenant Move Back Coverage: After the Building is damaged and repaired, this will pay for your tenant’s to move back into their leased space within your building.
Signs: This would provide coverage for outdoor signs that are NOT attached to the Building.
Utility Service Interruption – Direct Damage: This covers damage to your Building caused by an interruption of a utility service that occurs away from your Building. A utility could include a Water Supply, a Communication Supply and/or a Power Supply.
Utility Service Interruption – Loss of Business Income: This covers your Loss of Income because your Building was damaged by an interruption of a utility service that occurs away from your Building. A utility could include a Water Supply, a Communication Supply and/or a Power Supply.
What is Inflation Guard on a policy?
This is a provision that increases a Building Limit by a certain percentage when a policy renews each year. The purpose is to keep the Building Limit on pace with the cost to rebuild a Building on an annual basis. A typical Inflation Guard is 2% to 5%.
What is Coinsurance?
This is a minimum percentage that a Building Owner is required to carry for a Building Limit. Coinsurance is typically 100%, 90% or 80%. Example: If the Replacement Cost of a Building is $1,000,000 and you have an 80% Coinsurance clause, you must carry a Building Limit of at least $800,000. If your Building Limit is below $800,000 at the time of a claim, you would be penalized when the claim check is issued.
Why do I need Additional Debris Removal?
If the Building Limit on your policy is not enough to remove the damaged building and to rebuild your Building after a loss, you could use your Additional Debris Removal coverage to pay for the cost to remove the damaged building.
How is Loss of Rents/Income calculated?
The Building Owner will need to provide evidence of his/her Loss of Income caused by the damage to the building. Once this information has been verified and accepted by the insurance company, the Building Owner can receive a check for his/her Loss of Income.
What is Extra Expense coverage?
This will pay any extra expense to repair your building so your tenants can get back into their space as quickly as possible.
Why do I need an Automobile Liability Policy?
If a person or subcontractor is working on behalf of your building and is involved in an auto accident, the entity that owns the Building may be brought into the lawsuit. We recommend all Building Owners have Non-owned & Hired Auto Liability coverage.
Why do I need a Workers Compensation Policy?
If a subcontractor gets hurt on your property, a Workers Compensation Policy could give the injured subcontractors the Workers Compensation Benefits immediately. This could prevent a lawsuit from the Subcontractor to the Building Owner.
What are the different Crime Coverages?
Here is a list of the most common Crime Coverages: Employee Dishonesty, Forgery or Alteration, Theft of Money – Inside the Building, Theft of Money – Outside the Building, Computer Fraud and Fund Transfer Fraud.
