Types of Property
Examples include buildings, driveways, sidewalks, and underground piping
What is Real Property-tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land.
Completed additions to covered buildings
Fixtures (including outdoor fixtures)
What is Building (Covered Property
extends the policy to protect covered property while it is being moved and for up to 30 days at the new location
What is Preservation of Property
provides automatic coverage for a new building being constructed at the premises described in the declarations.
What is Newly Acquired or Constructed Property
When a property loss occurs this is what happens to its value
What is Reduction
Examples include vehicles, merchandise, furniture, tools, and clothing.
What is Personal Property-all tangible and intangible property that is not real property.
as long as it is within 100 feet of the insured premises is covered. This includes furniture and equipment.
What is Business Personal Property (Covered Property)
are charges for services rendered from the local fire department for controlling or extinguishing a fire
Fire Department Service Charge
provides a limited amount of coverage for items owned by an individual insured while on the premises described in the declarations
What is Personal Effects and Property of Others
normal income the business would have made is lost since the business is not in operations.
What is Loss Income
personal property located in a building such as furniture, machinery and equipment, and stock
What is Contents
Property that can be insured more advantageously under other forms such as money, securities, automobiles, and aircraft under policies.
What is Not Covered Property
This pays the insureds expenses for extraction if the release, discharge, dispersal, seepage, migration, or escape is the result of covered losses.
What is Pollutant Clean-up and Removal
provides coverage for covered property while it is away from the described location. This also covers property stored at a location leased after the inception of the policy and property at any fair, trade show, or exhibition.
What is Property Off Premises
Costs occurring from additional means of business after a loss occurs
What is Extra Expense
property shipped to others or received from others.
What is Property in Transit
The BPP provides $2,500 per location in coverage in case an insured does not buy the this coverage
What is Personal Property of Others (Covered Property)
This additional coverage includes the cost to clean up the pollution at the insured's premises caused by an insured peril. However, this coverage does include cleanup or removal of pollutants from land or water.
What is Debris Removal
permits the insured to extend your business personal property to include trailers the insured lease for storage or additional office space.
What is Non-Owned Detached Trailers
What is Fire
personal property in the temporary possession of others for things such as processing, cleaning, repairing, adjusting, or selling.
What is Personal Property in the Possession of Others
Smuggled goods being held for sale
Property that is much less susceptible to loss such as building foundations below the lowest basement floor
What is Not Covered Property
The amount is 5% of the amount of insurance or $10,000, whichever is less. This additional coverage provides no coverage for the following: Loss to any undamaged portion of the building that an ordinance or law does not permit to remain in use. The cost to demolish the undamaged portion of the structure and remove its debris
What is Increased Cost of Construction?
It covers fire, lightning, explosion, riot or civil commotion, and aircraft.
Outdoor Property
Declarations, Forms, Cause of Loss Forms, Conditions, and Endorsements
What is the Components of a Commercial Property Coverage