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PROPERTY INSURANCE

Property insurance can consist of buildings, personal property owned by the business, and property of others in your care, custody and control. Included in the building or real property scope of coverage could be completed additions, fixtures, including outdoor fixtures, machinery, equipment, or personal property used to maintain or service the building such as outdoor furniture or floor coverings. Business personal property might include furniture and fixtures, machinery and equipment, stock (inventory), improvements and betterments, and leased personal property for which you have a contractual responsibility to insure.

Protection can be provided on an all risk (special form) basis or a more limited basis, depending upon terms negotiated with the insurer.

Most property insurance claims are subject to a deductible on a per occurrence basis. Claims can be adjusted on a replacement cost basis (new for old) or on an actual cash value basis (replacement cost minus depreciation). Stock (inventory) claims are adjusted on a cost basis or on a selling price basis.


Time Element Insurance

Time Element Insurance covers expenses consequent to damage or destruction by an insured peril that continues over a period of time. The amount paid depends on the length of time during which the expenses accumulate. An example would be Business Interruption Insurance, which pays for the loss of earnings during the time it takes to repair the property.

Builder’s Risk Insurance

Builder's Risk Insurance indemnifies for loss or damage to a building under construction. Insurance is normally written for a specified amount on the building and applies only in the course of construction. Coverage customarily includes fire and extended coverage and vandalism and malicious mischief. Builder's Risk coverage can be extended to an “all risk” form as well. The Builder's Risk policy also may include coverage for items in transit to the construction site (up to a certain percentage of value) and items stored at the site.

Transit Insurance

Transit Insurance covers the insured’s property while in transit over land from one location to another. Property insurance policies typically provide coverage only at locations identified in the policy.

Crime Insurance

Crime Insurance provides protection for the assets of a business (including merchandise for sale, real property, money and securities) in the event of robbery, burglary, larceny, forgery and embezzlement.

Boiler & Machinery Insurance

Boiler & Machinery Insurance provides important mechanical breakdown coverage generally not available under any other insurance policy.

A Boiler and Machinery policy can protect an insured against the effects of catastrophic property loss, such as steam boiler explosion or an expensive breakdown of machinery and equipment.