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Business Property

Property Insurance protects an insured who suffers a financial loss because property has been damaged or destroyed. Coverage for a Building, also known as Real Property, includes the building and structures, completed additions to covered buildings, outdoor fixtures, permanently installed fixtures, machinery and equipment. Business Personal Property includes all other property not permanently attached to the building, including furniture, tools, and inventory.

The term “peril” is used when discussing losses. A peril is a cause of loss. The broadest property insurance policies are written to cover the perils of fire, lightning, explosion, windstorm, hail, smoke, aircraft or vehicle damage, riot or civil commotion, vandalism, sprinkler leakage, sinkhole collapse, volcanic action, water damage, weight of snow, ice or sleet, breakage of glass and coverage for falling objects. Typically, the perils of earth movement, flood, government action,  nuclear hazard, war/military action, and maintenance are excluded from coverage.

Property can be valued in several different ways. Insurance companies commonly use two approaches to determine value, the Replacement Cost Method and the Actual Cash Value Method. Replacement cost of an item is the cost to replace it with new property of like kind. Actual cash value is replacement cost, less the accumulated  depreciation for age and condition.

Equipment Breakdown

Equipment Breakdown insurance covers a sudden and accidental breakdown of objects such as boilers, air conditioning and refrigerating systems, pumps, compressors, turbines, engines, wheels, gears, electrical distribution equipment & transformers. Equipment Breakdown insurance is necessary because commercial property policies exclude explosion of steam boilers and machinery breakdown. Equipment Breakdown insurance covers physical damage to both the insured object and other property.

Builders Risk/Installation

Builders Risk insurance covers a building during the course of construction, temporary structures at the building site, and building materials that have not yet become part of the building. Building materials are covered while on the insured location, in transit, or in storage at another location. Installation coverage insures a contractors interest in property installed at a work site and applies during installation and testing, while in transit or in temporary storage.

Electronic Data

Electronic Data Processing (EDP) insurance is used to insure data processing equipment, software, and media. Although this can be insured under your Business Property form, the EDP form has added benefits such as mechanical or electrical breakdown, short circuit and other electrical or magnetic disturbances within the equipment.