Building
This is the valuation method we use for 90+% of our customers' buildings.
What is Replacement Cost / Replacement Cost Value?
Anything that falls out when you turn a building upside down.
What is business personal property?
Business Income first requires loss to real property before it would be covered, also known as this concept.
What is indirect loss?
Flood and Earthquake are commonly referred to as this type of loss.
What are CAT/catastrophe coverages?
This acronym notes the main underwriting factors for commercial property insurance.
What is COPE?
The amount the insured must pay before the insurance companies pays for a loss.
What is a deductible?
The cause of loss we insure all contents for.
What is special form?
This endorsement covers additional costs a business incurs to try and stay operational during a Business Income loss
What is Extra Expense?
This common endorsement covers against subsequent loss due to boiler failure or mechanical breakdown.
What is equipment breakdown?
This is the cheapest and most common type of construction for buildings
What is frame?
This endorsement/provision waives the coinsurance percentage and penalty.
What is Agreed Value/Agreed Amount?
What is a tenant/renter?
This provision specifies that Business Income will specifically cover a landlord's losses.
What is Rental Value?
This endorsement commonly includes a variety of supplemental coverages or coverage extensions.
What is an enhancement endorsement?
"Exposure" commonly requires these three elements.
What are address, year built, and square footage?
A method of combining limits on multiple buildings or locations to create a higher overall limit which protects against being underinsured.
What is blanket building insurance?
A specific type of Business Personal Property insurance specifically designed to cover owned goods of others held in our customer's care/custody/control.
What is Personal Property of Others?
The deductible an insured must pay on a business income loss is also known as this time.
What is the waiting period?
This cause of loss often times has a separate deductible, despite being covered by special form.
This limitation is commonly included by underwriters to prevent paying for wind/hail claims unless there is legitimate damage
What is the cosmetic damage exclusion?
This is the basic formula we use to verify replacement cost adequacy for insureds.
What is cost/sq ft?
A specific type of Business Personal Property insurance specifically design to cover inventory for sale.
What is Stock coverage?
This optional endorsement allows the insured to continue receiving Business Income payments beyond the standard period of restoration.
What is the Extended Period of Indemnity Endorsement?
This endorsement increases the building limit of insurance based on the amount of time into the policy at a time of loss, on a linear increase based on a original percentage
What is inflation guard?
This exclusion is appearing more frequently in response to wind/hail events affecting roofs.
What is the Limitation on Roof Surfacing endorsement?