Commercial Property Insurance Overview

The maximum amount the policy will cover for loss or damage to newly acquired buildings.

The maximum amount the policy will cover for loss or damage to business personal property.

Personal effects of employees are excluded from coverage under the policy. These are items that employees use in their personal lives, not for business.

Damage caused by fungi or microbes is generally covered by the policy, but this exclusion applies to certain situations. It focuses on the nature of the fungi or microbes, not the ultimate damage itself. This can be a bit tricky because it's not about the damage itself, but the cause of the damage.

The policy covers newly acquired property for a period.

The policy will cover a maximum amount for loss or damage to personal effects of others. Think of items belonging to visitors or clients.

Valuable papers and records are covered up to a specific limit.

The policy covers business property located off-premises up to a specific limit.

The "Employee Tools" extension covers tools owned and used by employees for business purposes, but excludes tools used for personal activities.

The policy provides a maximum payout for the loss of a master key.

The "Green Standards" coverage applies to the rebuilding or repair of covered property, ensuring it meets environmentally friendly standards.

The policy includes a maximum payout for business income loss resulting from the suspension of operations due to an alternative energy system failure.

Accidental discharge of chemicals from a fire extinguisher is covered under a specific coverage named "Fire Extinguisher Systems Expense Coverage".

The "Property Off Premises" extension covers business property while it's at an exhibition, fair, or trade show, but doesn't cover property in transit.

The policy defines "fine arts" as paintings and sculptures, not including other items like furniture, inventory, vehicles, or equipment.

The policy provides a maximum coverage limit for "Employee Tools" at a described premises.

The policy sets a maximum payout for loss or damage to personal effects of employees, covering items utilized during the course of their employment.

The policy provides a maximum coverage for burglary damage to a building occupied but not owned by the insured.

The policy sets a maximum coverage for loss or damage to business income due to government confiscation.

The policy has a specific definition for "Certified Act of Terrorism." It needs to be certified by the Secretary of Defense and involve physical damage to property.

The policy sets a maximum coverage limit for loss of "net leasehold interest" due to lease cancellation.

The policy covers the loss of "net leasehold interest" due to lease cancellation by paying for lost rental income during the restoration period.

The policy has a specific coverage amount for "fine arts", which includes paintings and sculptures. This coverage limit is separate from other property coverage.

The policy provides a maximum payout for loss of mobile communication property. Think about things like cell phones, laptops, and tablets.

"Alternative Energy" coverage applies to losses due to power outages from alternative energy systems, like solar panels or wind turbines. Think of it as protecting your business from a power outage caused by non-traditional sources.

The policy sets a specific coverage limit for losses due to a "Certified Act of Terrorism." The actual payout is subject to the overall limits of the policy.

The policy provides a maximum coverage amount for the loss of "employee tools". This is specific to the tools used by employees during their work.

The "Green Standards" coverage applies to aspects like using energy-efficient windows or lighting, reducing energy consumption during repairs. It encourages rebuilding or repairing damaged property with a focus on energy efficiency.

The policy covers valuable papers and records at locations further than 100 feet from the described premises with a specific coverage limit.

The policy provides coverage for business property located further than 100 feet from the described premises. The coverage amount for this is determined by the Basket Aggregate Limit. It ensures that your business has some coverage even if the property is not at the main location, but it's limited to the "Basket" amount.

The "Service of Suit" endorsement designates a specific person within the insurer's organization to receive legal notices related to the policy.

"Alternative Energy" coverage pays for both actual business income loss and extra expenses. This essentially means the insurer covers both the lost income and any added costs your business incurs because of the energy failure..

The policy sets a maximum for debris removal after a covered loss. This ensures the insurer participates in cleaning up the damage.

The policy covers business income loss due to the suspension of operations caused by a covered cause of loss. Think about your business being temporarily shut down because of something like a fire.

The policy covers loss or damage caused by a "Certified Act of Terrorism" but this is subject to the Terrorism Risk Insurance Act, which focuses on government involvement.

The policy provides coverage for the loss of a master key with a specific payout limit.

The policy sets a maximum payout for "Pollutant Clean-up and Removal" related to covered losses. This ensures the insurer helps with cleaning up pollutants after an incident. It also covers both inside and outside buildings.

The "Alternative Water System" coverage applies to equipment used for collecting and circulating non-potable water. For example, this could be a system used for irrigation or fire suppression, but not for drinking water. It excludes equipment involved in energy efficiency in most situations.

The policy provides a maximum coverage limit for business income loss due to a third-party location. Think about having a shared space with another business, and how your income is impacted.

The policy pays for business income loss during the "period of restoration", which is the time needed to get your business back to operational. The coverage is calculated based on your actual income loss, meaning there's no fixed amount.

The "Loss Prevention Expense" coverage pays for costs incurred to prevent further damage to insured property before the loss even occurs. It's about taking proactive measures to mitigate potential damage. This is a big difference from the typical coverage of the cost of repair/replacement after the damage occurs.

The policy sets a maximum payout for a loss caused by a "Certified Act of Terrorism". Note that the specific payout is subject to the Basket Aggregate Limit, meaning the total amount of coverage for all insured property, not just terrorism.

The policy provides coverage for "business income" loss due to covered perils that interrupt operations during the period of restoration. It makes sure your business can continue to operate financially even while repairs are happening.

The "War and Military Action Exclusion" excludes damage from military action, war, and related incidents. This is a common exclusion found in many insurance policies.

The "Service of Suit" endorsement defines the jurisdiction where any lawsuits regarding the coverage of the policy must happen.