Business Property Insurance
Coverage is for buildings, contents or other assets you own. Office equipment, furniture, fixtures, computer equipment, phone systems, fax and copy machinery, valuable papers and fine arts are insured for fire, theft and water damage. Insurance should be for "replacement cost" on the broadest coverage form available and include an agreed amount endorsement to eliminate coinsurance.
Business Interruption Insurance
Business Property Insurance covers the cost of damaged property and can include the loss of revenue or income due to the interruption of the business. It pays for lost earnings during a total or partial suspension of business caused by direct physical damage to the insured's premises. The policy covers "actual loss sustained" by the insured because of the interruption of business during the period that it would take to rebuild or repair the damaged property. Extra Expense reimburses the insured for the extra costs that are necessary to continue business operations during the period of restoration.
Builders Risk Insurance
Coverage protects against the loss of materials at a construction site and include supplies and resources that will be part of the completed structure and include foundations and footings. Coverage typically begins once the materials are delivered to the site and terminates when the builder's interest in the property ceases.
Equipment Floater
Purchased by contractors to cover their equipment and coverage is typically on a “named Perils” basis insuring for damage caused by fire, lightning, windstorm, hail and collision. Optional coverage for theft, riot and civil commotion is available.
Earthquake Coverage
Most Earthquake coverage is written on a "Difference in Conditions" insurance form and attached to standard property policies. Policy deductibles vary by the property conditions such as age, location and the amount of premium the insured is willing to pay.
Flood
Flood coverage is excluded under basic property insurance policies but is available in the National Flood Insurance Program. The NFIP was created in 1968 to provide flood insurance to individuals and businesses that are located in areas with the greatest risk of flooding, known as Special Flood Hazard Areas.
Valuable Papers Insurance
Many companies have valuable papers and documents whose destruction would prove very costly. Maps, plans, specifications, books are some examples. Certain valuable papers may have to be insured specifically or "scheduled."
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