COMMERCIAL PROPERTY

Commercial Property insurance may be issued alone or as part of a commercial package policy. Many different Commercial Property Coverage forms are available. You may choose to add one or more of these forms to your Commercial Package Policy or each form can be issued separately. Each coverage form is designed to insure specific types of property losses.

Commercial Building and Personal Property: This is the most frequently used. It is a general purpose form used to write coverage for direct loss to buildings, to business contents and equipment, or to both. Contents must be specified in order to be covered. There is no automatic coverage on items not specified in your insuring agreement.

Business Income Coverage: (business interruption): Applies to losses and expenses related to an interruption of normal business operations.  Only losses incurred during a period of restoration are covered.

Contingent Business Interruption (Business income from Dependent Properties): Protects business income from interruption due to loss or damage that the insured does not own, operate, or control.

Extra Expense Coverage: Coverage for actual and necessary extra expenses sustained due to a direct physical loss by a peril covered in your insuring agreement.

Legal Liability: Coverage applies to the insured’s responsibility for the property of others. 

Glass Coverage: Covers for commercial plate glass, frames, lettering, and ornamentation.

Condominium Association coverage: Provided for the building, permanent structures, and facilities.  Does not cover personal property owned by a condominium unit owner.

Crime Insurance General Provisions (Commercial Crime): This form has specific conditions, exclusions, and definitions that are applicable to most crime coverage. Burglary, Extortion, Robbery, Safe Burglary, and Theft (larceny) are all acts of crime and are written as separate forms.

Commercial Inland Marine: Commercial Inland Marine policies provide All Risk coverage, usually covering property anywhere in the world, , Imports, Exports, Domestic Shipments, Instrumentalities of Transportation or Communication, Personal Property Floater Risks, Commercial Property Floater are eligible marine risks.

Boiler and Machinery Coverage:  Fills the gaps left by the major forms of property and liability coverage. This form is specifically designed to cover loss to the insured’s boiler and machinery, and the damage to property of others caused by an explosion of a boiler or other covered object or machine.

Transportation Coverage: Supplies coverage for Motor Truck Cargo, Owner’s/ Shipper’s, Annual Transit, Trip Transit. Common carriers, truck lines and railroads must accept a certain amount of legal liability for losses to cargo.

Farm Coverage: Blends the residential and commercial coverage unique to farms. Farm Property, Mobile Agricultural and Equipment, Farm Liability, and Livestock.

 If you have any further questions, please call us at Executive Insurance Group. Our team of experts can be reached Mon-Fri 8 a.m.-5 p.m. at 330.966.0080 locally, 800.981.0080 toll free, or email: info@executiveinsurance.com