Coverage · Property program
Property cover for what you own.
Commercial property pays to repair or replace the buildings, equipment and stock your business depends on, and with the right add-ons it replaces income while you rebuild.
- Primary property$10 millionBuildings, contents and business income
- Excess property$15 millionFollows the primary form
- Excess property$25 millionTop layer for the largest loss
What it covers
- Buildings you own and improvements you make to leased space
- Equipment, furniture, inventory and supplies
- Business income and extra expense while covered damage is repaired
- Named causes of loss or all risks except exclusions, depending on the form
What it does not cover
- Flood and earth movement, which need separate policies
- Wear, tear, gradual deterioration and poor maintenance
- Sudden machinery breakdown unless equipment breakdown cover is added
Fit
Who needs it.
Any business that owns a building, leases one and has improved it, or holds equipment and stock it could not easily replace. Lenders and landlords usually require it. Companies that cannot operate without one site need business income cover most of all.
Questions
Straight answers.
What is the difference between replacement cost and actual cash value?
Replacement cost pays what it costs to replace the item new. Actual cash value subtracts depreciation, so it pays less. The difference can be large on older equipment.
What is coinsurance?
A clause that penalizes you if you insure property for less than a set percentage of its value. If you under-insure, a partial loss can be paid at a reduced rate.
Does property cover a loss of income?
Only if business income cover is included. It pays lost profit and continuing expenses during the restoration period, and it usually needs a physical loss covered by the policy.
Insure the real replacement cost.
Send us your schedule of buildings and equipment and we will compare your limits with current rebuild and replacement values.