Commercial Property Coverage

Property Insurance is any type of insurance that indemnifies an insured party who suffers a financial loss because property has been damaged or destroyed. Property is considered to be any item that has a value. Property can be classified as real property or personal property. Real property is land and the attachments to the land, such as buildings. Personal Property is all property that is not real property. The Building and Personal Property coverage form is the form used to insure almost all types of commercial property. The insuring agreement in the Building and Personal Property coverage form promises to pay for direct physical loss or damage to covered property at the premises described in the policy when caused by or resulting from a covered cause of loss.

Garage Coverage

Businesses engaged in selling, servicing, storing, or parking autos have special insurance needs. The garage coverage form was designed to cover the risk associated with these types of business operations. The garage policy combines coverage for auto liability, commercial general liability, and physical damage coverages in one policy. Garage operations are defined as the ownership, maintenance, or use of locations for garage business and that portion of the roads that adjoin these locations. The garage operations includes the ownership, maintenance and use of autos indicated in the policy as covered autos. Garage operations also includes coverage for all operations that are necessary or incidental to a garage business. An auto is defined as a land motor vehicle, trailer or semi-trailer.

Inland Marine Coverage

Inland Marine Insurance provides coverage for goods in domestic transit, goods of bailee customers, movable equipment, and unusual property. Property of certain dealers and instrumentality of communication and transportation are also covered. In short, inland marine insurance provides coverage for loss exposures that cannot be conveniently or reasonably confined to a fixed location. A bailee is any person or business that accepts the property of others for a specific purpose. Property that may come under this class are radio and television equipment, bridges, roads, tunnels, pipelines, and piers.

Business Income Coverage

Business Income is the net profit or loss that would have been earned or incurred if the suspension of the business had not occurred, plus any normal operating expenses that must continue during the suspension of the business. Business Income insurance pays the actual loss of business income sustained by the insured because of a necessary suspension of the insured's operation during the period of restoration following a loss.