Buildings
Commercial Building Insurance coverage provides protection for permanent structures listed on the policy. Included in this definition:
- Completed additions
- Permanently-installed fixtures
- Machinery and equipment
- Outdoor fixtures
- Owned personal property used to service, repair or maintain the building
- Additions under construction or repair
Business Personal Property
This coverage protects personal property owned by your firm and used in your operation. Furniture and fixtures, equipment and machinery, raw stock, and finished goods all fall within this category. Personal property of others while located in your covered building or within 100 feet of the premises can also be insured. Contents located off premises are not covered and must be insured by alternate methods.
Components of Property Insurance
- Subject of insurance
- Coinsurance
- Inflation guard
- Deductible
- Causes of loss
- Construction type
- Protective safeguards
- Replacement value vs. actual cash value