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Commercial Property

Protecting your real and personal property is an important element of your insurance program.

Regardless of the size of your business, a large percentage of your assets and resources are tied directly to your property. The commercial Property Program can provide the coverage you need if a loss should occur.

Building Covers buildings against direct physical damage, subject to standard policy exclusions. Valuation can be based upon Replacement Cost or Actual Cash Value.

Business Personal Property Covers personal property and contents against direct physical damage subject to standard policy exclusions. Valuation can be based upon Replacement Cost or Actual Cash Value.

Business Income Covers loss of income less non-continuing expenses due to the necessary suspension of business operations during the period of restoration. Interruption must be caused due to damage at the described location and caused by a covered peril. There are several options to the loss of income form, you can choose to include payroll for certain employees or choose to insure only the net income. One of the best forms of coverage you can find is Actual Loss Sustained for 12 Months (ALS). This coverage pays your actual loss of income for up to 12 months. Consult carefully with your agent to find the right coverage for your business.

Inland Marine The most important thing to remember about insuring your property and equipment is the location where it will be stored or used. Under the definition of a standard property insurance policy property and equipment are only insured within 100 feet of the insureds premises. If a loss occurs to property or equipment that is over 100 feet away from the premises there may be no coverage for them. That is where Inland Marine coverage kicks in. With Inland Marine you can insure a wide variety of property, goods, and equipment in different ways. A good example of a potential uncovered claim would be a forklift. Suppose you are carrying goods to a nearby warehouse and along the way the forklift is hit and damaged by a vehicle? Or you store the forklift at another location and it is stolen. If the forklift is more than 100 feet off premises it will not be covered under a property policy.

Transit In-transit truck insurance can be provided by a type of insurance known as an inland marine insurance policy. The purpose of inland marine insurance is to provide coverage for property that is being transported from one location to another. A policy can contain various coverage options for many types of property that is currently in transit. This type of insurance is usually purchased by businesses that need to insure property that is in the possession of a carrier during transport.

Equipment Equipment policies cover all types of owned or leased equipment used to move and lift objects, and build, erect, and excavate in all types of environments. The mobile nature of some business’ equipment and the diverse use of this equipment are addressed though flexible products that can be tailored to customers of all sizes. The equipment policy typically covers direct physical loss of or damage to equipment at a job site, in a storage yard or in transit.

1. What is Goods In transit and do I need it?

Goods in transit or “GIT” is the cover that the policy holder needs in order to transport the customers goods, the cover ensures the customers goods whilst being transported by the policy holder.

2. Who needs Equipment Coverage? Any business entity with a financial interest in construction equipment or other heavy equipment needs contractors equipment insurance. Typical policyholders include: • Real estate developers • Building owners • Home builders • General contractors • Municipalities • Street and road contractors • Excavation contractors • Port facilities • Warehouse operations