Property coverage is designed to provide protection for a loss to physical property or the loss of income, if the loss is due to a covered peril. Property may include building, business personal property of insured or others and medical specialty equipment on and off premises. This type of coverage is typically written on a special cause of loss form.
Below is a list of common Property coverages:
Provides protection for permanent structures listed on the policy. Completed additions, permanently installed fixtures, machinery and equipment, outdoor fixtures, owned personal property used to service, repair or maintain the building, and additions under construction or repair are all included.
This coverage protects personal property owned by your firm and used in your operations. Furniture and fixtures, equipment and machinery, raw stock, and finished goods all fall within this category. Personal property of others and property off premise can also be insured.
This coverage is used to insure against loss of income (including any continuing normal operating expenses) that you experience because of a suspension of your business operations. To be covered, the suspension must be caused by a direct physical loss of, or damage to, property at the premises described in your policy for which a business income limit of insurance is shown. Under the form, rental income and extra expense can be added. An extended period of indemnity provision is also included to provide coverage after you resume operations until your business returns to normal levels of activities, up to the time period specified in the form.
Commercial property coverage exclusions have created the need for crime insurance. Commercial property policies cover most risks of physical loss, including theft of merchandise and business personal property by non-employees. Monetary theft, computer fraud and employee dishonesty, when covered, are in minimal amounts. Crime coverage policies fill in the gaps.
This coverage is used to insure any electronic property that processes data for the insured, such as computers, phone systems including smartphones, fax machines, and biz hub systems.
This coverage is designed to pay for the above normal operating expenses needed to continue after a loss caused by a covered peril.
Also known as mechanical/system breakdown, or boiler & machinery insurance is used to cover almost every kind of equipment. Equipment Breakdown coverage may also cover Business Income, Expediting Expenses, Spoilage, and Hazardous Substances.
With Meadowbrook offices countrywide, we have access to insurance carriers writing flood coverage in zones A and V, wind and hail coverage for coastal properties and earthquake coverage for properties in specific seismic zones.
Coverage for loss caused by enforcement of ordinances or laws regulating construction and repair of damaged buildings. Older structures that are damaged may need upgraded electrical; heating, ventilating, and air-conditioning (HVAC); and plumbing units based on city codes. Many communities have a building ordinance(s) requiring that a building that has been damaged to a specified extent (typically 50 percent) must be demolished and rebuilt in accordance with current building codes rather than simply repaired. Unendorsed, standard commercial property insurance forms do not cover the loss of the undamaged portion of the building, the cost of demolishing that undamaged portion of the building, or the increased cost of rebuilding the entire structure in accordance with current building codes.
This coverage extends your property coverage, business income and extra expense insurance to protect against damage from a covered cause (such as a fire or windstorm) to property owned by the utility company that provides you with water, power, or communication services.