Commercial Property Insurance provides replacement cost coverage or actual cost value on buildings and business personal property against risks of direct physical loss. Building coverage usually includes building glass. Business personal property usually includes personal property of others held by the insured, tools and equipment owned by insured’s employees used in the insured’s operations, tenant improvements and betterments that are part of the a now-owned building the insured occupies but can’t legally remove, leased personal property which the insured has a contractual responsibility to insure.
Equipment Breakdown Coverage usually includes the following additional causes of loss:
- Mechanical Breakdown;
- Artificially generated electric current;
- Explosion of steam equipment;
- Loss or damage to steam equipment;
- Loss or damage to water heating equipment.
There are more optional coverages available:
- Accounts Receivable
- Appurtenant Structures
- Arson and Theft Reward
- Automatic increase in Building limit of insurance
- Data and software
- Fire department services charge
- Forgery coverage
- Money and securities