A good insurance program will protect your business property from loss due to fire, theft, vandalism and more. But without certain important, overlooked and even somewhat arcane coverages, your property coverage could leave you short of the funds needed to rebuild and recover. Increased Cost of Construction Do you own your business premises? Any building...
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Understanding Your Terrorism Coverage
When you renewed your commercial property or business package policy, your insurer might have included a notice regarding terrorism insurance coverage. What’s this all about? Your policy might contain two types of terrorism endorsements, or policy additions that provide extra coverage. One would exclude coverage for terrorism-related losses if the federal Terrorism Risk Insurance Program...
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Rented Premises: Why You Need Property Coverage
Generally, you buy property insurance to cover damage or loss to property. Your liability policy might provide some coverage…but probably not enough. In the world of residential real estate, landlords buy property insurance to cover damage to buildings they own. If you rent a home or apartment, your renter’s policy will cover your contents and...
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The Insurance Formerly Known as Boiler and Machinery
If you’ve been in business a while, you might have heard the phrase “boiler and machinery insurance.” However, today’s policies do much more than cover boilers and machinery, hence the name change. Read on to learn more about this valuable coverage. Insurers introduced boiler and machinery coverage in the mid-1800s to cover valuable steam-powered machinery...
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Getting to Know Your Property Policy
Understanding the who, what, when, where and how of your property policy can ensure you have the coverage you need, when you need it. Who Business property policies cover real estate and personal property owned by the “named insured.” The policy lists this person or entity on the declarations page, located near the front of...
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Using Carve-Outs to Customize Your Insurance Program
Carve-outs can help organizations better manage their property and liability exposures by “carving out” specific risks and insuring them separately. The technique might also save money. As insurance prices continue to increase and coverage becomes more restrictive, business owners and CFOs are looking for alternative ways to manage their risks. Some are turning to carve-outs,...
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Why Empty Buildings Are Full of Risk
Vacancies create a host of problems for owners besides lost income. Here’s a list of some problems to be aware of, and what you can do to mitigate them. Vandalism Empty buildings practically call out to vandals. Although your commercial property policy covers property damage due to vandalism, most policies severely limit coverage once a...
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Debris Removal Insurance and Other Risks You Might Have Overlooked
A strong insurance program will protect your business property from loss due to fire, theft, vandalism and more. But without certain important coverages, your property coverage could leave you short of the funds needed to rebuild and recover. Increased Cost of Construction Do you own your business premises? Any building more than a few years...
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