Property Insurance
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Product Summary
Property coverage can be purchased either as a stand-alone "monoline" policy or combined with other coverages to form a Business Owners Policy ("BOP") or a Commercial Package policy.
What's Covered?
A property policy pays for direct physical loss or damage to certain types of property. Covered property typically includes buildings, business personal property, signs, property off-premises, valuable papers, newly acquired properties, and personal property of others. Some of the coverages are subject to sublimits that can be increased for an additional premium. Property insurance can be bought on replacement cost or actual cash value basis. A coinsurance provision might apply.
There are separate coverage forms available for business income and extra expense, equipment breakdown, accounts receivable, crime, and other coverages.
What Isn't Covered?
Examples of property generally not covered by a property policy are animals, land, vehicles, foundations and piers. Perils that are often excluded include wear and tear, flood, earthquake and fungus.
What Affects the Cost of the Policy?
The premium is based on a variety of factors, depending on the types of coverage forms included in the policy. For property insurance, the age and construction of the building and the value of the building and contents will greatly impact the premium. Fire protection issues, such as sprinklers and fire rating protection class, are also important.