Property Insurance

Property insurance protects against financial loss caused by damage or destruction of your tangible and intangible assets.  This would include:

  • your building,
  • personal property,
  • equipment,
  • furnishings,
  • fixtures,
  • computers,
  • valuable papers,
  • records, and
  • more.

 

To tailor a property insurance policy to fit the exact needs of your organization, you must consider the following:

 

What Property Items do you own, lease or hold on behalf of others:

The property insured under the policy must be identified in the policy either by description or address. The policy will cover buildings and personal property at the address listed in the policy. Coverage can also include personal property while at other locations temporarily or in transit.

 

Perils / Cause of Loss

Property insurance responds to loss caused by perils insured under the policy.  The insured perils are either named in the policy or covered on a so-called "all risk" basis. The so-called "all risk" policy covers every peril except those specifically excluded in the policy, such as flood, earthquake wear, tear and inherent vice.

 

 Valuation / Amount at Risk

The property insurance policy must specify the valuation basis for adjusting claims. The most common methods are:

  • Replacement cost
  • Actual cash value

Are you confident your business property is adequately insured?  Give us a call to analyze your current coverage.  We can show you options that expand coverage without increasing cost.

 

 

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