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Apartments – Condominiums – Commercial Buildings – Industrial Buildings – Shopping Centers – Office Buildings

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Rental Property Owners, Real Estate Developers and Property Managers should have an accurate survey of each property they own or that is in their care, including inventories of furnishings and equipment.  At Commercial Insurance Resources we analyze each risk to  establish insurable interest to facilitate and arrange placement of insurance to minimize controversy and confusion if a loss occurs.  Property, General Liability, Business Income (Loss of Rent) and Professional or Errors and Omissions Liability, Workers Compensation are a few of the coverage’s every Property Manager should consider.

Smaller rental properties are generally eligible for a Businessowners Package policy.  It is the most convenient and cost effective way to combine a number of coverage’s in one policy. Larger rental properties if not eligible are written on the Commercial Package Policy (CPP).  The following coverage’s are then bundled together.

Property insurance provides coverage for Your Building(s) or the Building(s) you manage.  Machinery and equipment used to maintain the property manager can be included with the Building coverage.  Property Managers may have an office and need to cover Business Personal Property You own .  Business Personal Property includes furniture and fixtures, machinery and You made to the building if You rent.

Business Income (Loss of Rents) coverage pays for the loss of rent due to a covered cause of loss when the tenant cannot occupy the building or space rented up to one year.

Boiler and Machinery a.k.a. Mechanical Breakdown coverage insures against equipment breakdown that is typically not covered by property insurance policies, warranties and service contracts. Coverage includes losses incurred from the failure of boilers, pressure vessels and a variety of mechanical and electrical equipment.

Commercial General Liability is designed to cover the bodily injury and property damage liability exposures related to operating Your business.  The basic areas covered by the Commercial General Liability include Yourownership or use of the premises You own or rent, coverage for definedContractual Agreements, coverage for Products manufactured, sold or distributed by You. Personal and Advertising Injury Liability of the insured, and Medical Payments coverage.

Most package type policies will automatically include the above coverage’s along with each company’s additional coverage, extension of coverage, or limitation of coverage,  each specific to the respective insurance company.  Many of the additions, extensions, or limitations can be increased to meet Your specific needs.  Some of the additions, extension, or limitation are shown under Optional Coverages.

Real Estate Errors & Omissions insurance is typically purchased to protect a business or individual from claims that are made for services that were not provided and mistakes or errors that were made.

Business Auto Coverage provides coverage is available for;

  1. Scheduled autos
  2. owned autos only
  3. All autos owned, leased or hired by the insured, and autos owned by employees or partners and used on behalf of the insured. The third option provides the broadest protection.

Optional physical damage coverage’s available include Collision and Comprehensive, that applies to loss from any cause except collision or overturn.  Specified Causes of Loss coverage, is a less expensive alternative to comprehensive coverage, and pays for loss caused by Named Perils.

Many Property Owners do not maintain a fleet of vehicles and they and their employees use their personal vehicles in the course of theirProperty Owners business.  Hired and Employers Non-Ownership auto liability is either provided separately on a Business Auto policy provided by endorsement to the General Liability policy.

Workers Compensation provides coverage to your workers injured while performing work on Your behalf.  Workers Compensationincludes Employers Liability, protecting You against claims brought by Third Parties for Your negligence to your injured worker.

Every State has enacted Workers Compensation laws making this coverage mandatory.  Five States, North Dakota, Ohio, Washington West Virginia and Wyoming are monopolistic States.  Workers Compensation insurance is paid to the State.   If you are working in one of the aforementioned States, You still have to provide Employers Liability coverage either through Your workers compensation policy or YourGeneral Liability policy known as Stop Gap Coverage.

Before commencing work in any State, always be aware of that States Workers Compensation laws.

Commercial Umbrella policies provide additional Liability insurance protection over your primary Commercial General Liability, Business Auto and Employers Liability insurance policies.

Optional Coverages to be considered, is not an all inclusive list, but a summary of some of the more common policies or endorsements.

Directors  and Officers Liability Coverage insures corporate directors and officers against claims, usually brought by stockholders, alleging loss due to mismanagement.

Employment Practices Liability coverage is available for the legal costs to defend claims against sexual harassment, wrongful termination and discrimination, and the actual legal liability for such acts.

Ordinance or Law Coverage applies when laws require undamaged portions of a building be torn down.   Coverage includes costs of demolition of the undamaged portion of the building covered and the increased cost of construction required to bring a damaged building up to current code.

Special Events Liability Coverage is available for festivals and similar events.  It should be considered to shield the standard operation’sGeneral Liability limits from being exhausted by a special activity.

Utility Services—Time Element Coverage provides coverage if a covered cause of loss or insured peril damages the off-site utility service provider location and/or power lines forcing a disruption of power to the insured’s operation.

Internet (Cyberspace) Liability offers both first- and third-party cyber coverage as separate coverage parts. First-party coverage is available for extortion, business interruption, loss or damage to a network, extra expense and e-theft. Third-party liability is available for electronic media content, privacy liability and security liability.

Scheduled Property Coverage insures specifically identified and described and a limit of insurance assigned to it. Coverage applies on premises, off premises and in transit.

Employee Theft and Forgery is a modified version of the commercial crime coverage. Most package policies provide a limitation for this coverage.

Outdoor Trees, Shrubs and Plants Coverage is very limited in the standard Commercial Package Policy or the Businessowners Policy in both limits and perils insured.  Your are able to choose an aggregate limit, as well as a per-item limit and insured for the same perils as yourProperty policy.

Flood Coverage applies to direct loss or damage by flood to buildings and their contents on either a replacement cost or an actual cash value basis.

Commercial Insurance Resources is an independent insurance agency, representing many National and Regional Insurance Companies specializing in providing real estate owners the finest coverage needed at an affordable price.  Our success is our ability to continually surpass our client’s expectations.  We only work with companies that maintain an A.M. Best rating of A- or better.  Many factors are considered by A.M. Best when assigning ratings, and one of the most important factors, is the ability of an insurance company to pay claims.   “A” rated companies have a greater ability to pay claims in the future due to policyholder reserves, overall pricing of insurance, investments and profit or loss.

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