Commercial Property Insurance

Front 1

Control of Property Condition

Back 1

States that an act of neglect of a person beyond the insureds control will not affect the insurance

Front 2

Legal action Against Us Condition

Back 2

States the insured has 2 years from the date the loss occured to bring action against the insurer

Front 3

Transfer of Rights or Recovery Against Others to Us Condition

Back 3

Gives insurance company subrogation rights

Front 4

Concealment or Fraud Condition

Back 4

States that the coverage is void if the insured intentionally conceals or misrepresents a material fact

Front 5

Preservation of Property

Back 5

Pays for loss of property that was removed from insured location to protect it- 30 days

Front 6

Fire Department

Back 6

Pays up to 1,000 with no deductible in commercial property insurance

Front 7

Pollutant Cleanup and Removal

Back 7

Covers cost to extract pollutants, 10,000 limit per policy period

Front 8

Electronic Data

Back 8

Pays up to 2,500 in a year. Covers information, facts or computer programs

Front 9

Newly Acquired or Constructed Property

Back 9

Coverage extension that covers up to 250,000 for a new building at the same location

Front 10

Personal Effects and Property of Others

Back 10

Provides up to 2,500

Front 11

Valuable Papers and Records

Back 11

Pays up to 2,500

Front 12

Property Off Premises

Back 12

Extends up to 10,000

Front 13

Outdoor Property

Back 13

Extends coverage to fences, antennas, satellite dish, trees, plants and shrubs. Max payable is 1,000 and no more than 250 for any one tree

Front 14

Nonowned Detached Trailers

Back 14

5,000 limit

Front 15

Loss Payment Condition

Back 15

States the insurer will notify insured how they intend to value the loss within 30 days after receiving insureds sworn statement of loss. Insured must send sworn statement within 60 days of insurers request

Front 16

Valuation Condition

Back 16

Describes how losses will be paid, most are ACV. If coinsurance is met and loss is less than 2,500, they will pay on replacement basis

Front 17

Completed Value Form

Back 17

Policy limit equals building value on completion date

Front 18

Builders Risk Reporting Form

Back 18

Insured purchases smaller amount of insurance that increases as the value of the building being constructed increases

Front 19

Condominium Association Form

Back 19

Covers property belonging to the association

Buildings, personal property. Doesnt cover property of the condo owner

Front 20

Condominium Commercial Unit Owners Coverage Form

Back 20

Covers personal property of commercial condo unit owners

Front 21

Business Income Coverage Form

Back 21

Covers loss of income and expenses due to suspension of business following a loss. Business income includes net income that would have been earned if the loss had not occured

Front 22

Business Income With Extra Expense

Back 22

Reimburses insured for expenses incurred to keep a business going but only covers expenses that would not normally have occured, for a business that must continue at all costs

Front 23

Business Income Without Extra Expense

Back 23

Replaces the extra expense coverage with an expense to reduce loss coverage that covers expenses the insured incures to reduce loss

Front 24

Extended Period of Indemnity

Back 24

Optional coverage that gives insured extended business income coverage for more than the 60 days allowed in the extended business income additional coverage

Front 25

Maximum Period Of Indemnity

Back 25

Optional coverage that limits reimbursement for extra expenses or loss of income to no more than the amount of loss incurred during the first 120 days

Front 26

Monthly Limit of Indemnity

Back 26

Optional coverage that allows insured to establish the amount of reimbursement for loss of business income during each 30 day period

Front 27

Agreed Value

Back 27

Optional coverage that establishes a yearly amount of agreed coverage, requires a business income report every 12 months

Front 28

Contributing Location

Back 28

Provides raw materials to the insured

Front 29

Recipient Location

Back 29

Primary buyer of the insureds goods

Front 30

Manufacturing Location

Back 30

Provides manufactured goods to the insured

Front 31

Extra Expense Coverage Forms

Back 31

Provide no reimbursement for lost business income but concentrates on reimbursing the insured for expenses incurred to remain in operation. For business who simply cannot be suspended

Front 32

Legal Liability Coverage Form

Back 32

Covers property of others only if the insured is legally liable

Front 33

Basic Form

Back 33

Fire, lightning, explosion, wind or hail, smoke, aircraft, riot or civil commotion, vandalism, sprinkler leakage, sinkhole collapse, volcanic erruption and fungus, wet or dry rot and bacteria-max of 15,000

Front 34

Broad Form

Back 34

All perils in basic form and BIG AFFECT

Burglary, ice sleet snow, glass, accidental discharge of water,freezing and falling objects, electrical current, collapse and tearing asunder

Front 35

Special Form

Back 35

Covers all physical loss thats not specifically excluded

Front 36

Value Reporting Form

Back 36

Endorsement that provides coverage based on actual values at certain locations for specific times

Front 37

Peak Season Endorsement

Back 37

Allows insured to carry increased coverage during seasons where their inventory is higher

Front 38

Spoilage Endorsement

Back 38

Covers perishable stock

Front 39

Earthquake and Volcanic Eruption

Back 39

Covers eruption, explosion, or effusion of a volcano. Covers earthquake shakes and volcanic eruptions that occur within a 168 hour period

Front 40

Tïme Element Coverage

Back 40

Coverage for loss of business income over a period of time that resulted from a direct physical loss

Front 41

Volcanic Action

Back 41

Shockwaves, ash, dust, paricle matter, lava flow