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Commercial Property Insurance Services |
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As Insurance Brokers we offer Commercial Property Insurance Services. You may select from the list of available programs. Certain Products may not be available in your area. Due to the variety of programs available, review the list and Request for Information below. Include some basic details and a contact number. Click here to send your Request for Information. |
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| Coverage | Description |
Please note
the descriptions below are general in nature and may vary according to
policy language, conditions and restrictions. |
| Building | The first item of coverage on a policy is the building. This includes the entire building or structure, as well as fixtures and machinery used in the service of the building. Additions in contact with the building are also covered; encompassing such property as platforms, conveyors, bridges and canopies. | |
| Equipment | Personal (Business) property of every description is covered under this item, except for property classified as stock and described the the next item. Coverage usually applies whilst the property is contained within the described building and whilst in the open, subject to a specific distance from the building or premises. Coverage may also apply away from the premises when temporarily removed for cleaning or repairing, but limited to a percentage, usually two (2%) percent of the amount of insurance under this item. | |
| Stock | Stock of goods and merchandise of every description is covered under this item. The intent is to cover stock held for sale or manufacture, regardless of the stage of manufacture or preparation at the time of loss. Also covered are the materials and supplies used in the manufacture, packing pr shipping of the goods. Coverage usually applies whilst the property is contained within the described building and whilst in the open, subject to a specific distance from the building or premises. | |
| Personal (Business) Property &/or Contents | Some underwriters permit the writing of a single item to cover all personal (business) property, whether stock or equipment. Certain businesses have very little or no stock, so it is more convenient to use one coverage for personal (business) property | |
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Improvements & Betterments/ Leasehold Improvements |
Tenants may alter a building or install improvements to suit their purposes. The tenant does not have the right to remove those additions when he leaves as they are attached and become the property of the building owner. The tenant does, however, have an insurable interest in the improvements as he would be deprived of their use after a loss and he can purchase specific coverage for Tenants Improvements or Betterments (sometimes called Leasehold Improvements). | |
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Business Interruption/ Use & Occupancy |
If a commercial risk is damaged
by fire or other peril, there may be a loss of sales or income for many
months. The loss of earnings is insured under business interruption
insurance, a type of consequential loss coverage. The direct damage to the
property is paid by the basic (Building, Stock & Equipment) policy, but
consequential loss is only paid if coverage is added. Business Interruption
insurance protects against loss of income/earnings/profits consisting of two
parts: 1- the net profit that would have been earned if no loss had occurred and 2- the fixed charges and expenses that necessarily continue during a period of partial or total suspension of business operations. A number of different forms are used in writing business interruption coverage all designed to cover the specific needs of the client. |
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| Extra Expense |
Some businesses cannot afford to
interrupt their operations; e.g. newspapers and diaries. These enterprises
must continue to operate at almost any cost. Their primary need is for more
money to cover the incurred extra expense of renting temporary quarters,
hiring additional staff, advertising and relocation or emergency
replacement/rental of equipment. Those additional costs are covered by Extra
Expense insurance. Most businesses should purchase either Business Interruption or Extra Expense insurance, or both. |
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| Rents (Loss of) | A landlord may purchase (loss of) rents insurance, a type of business interruption coverage. Following a claim, there may be loss of rental income, an insurable risk. | |
| Leasehold Interest | A renter may suffer losses if a favourable lease is cancelled due to a claim. Most leases include clauses terminating the lease if the leased premises are damaged to a specified extent. Such loss could cause the lessee (renter) to pay a higher amount for a new lease. The difference in lease payments is paid for the balance of the cancelled rental agreement. | |
| Replacement Cost | Most policies cover only for Actual Cash value (ACV), usually defined as Replacement Cost at the time of the loss less depreciation and obsolescence. This clause may be removed by purchasing Replacement Cost coverage. | |
| Workers Compensation | Coverage for paid employees for loss of income and medical expense if hurt whilst performing work-related duties. | |
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