Commercial property, and the three clauses that decide the claim
Named storm deductible, coinsurance, and how the building settles. Everything else on a commercial property policy is detail; those three decide what arrives after a loss.
Sa sa touche
- The building, or your tenant improvements if you lease
- Business personal property: stock, equipment, furniture and fittings
- Business income and extra expense while you are closed
- Equipment breakdown and spoilage, which decide whether a restaurant survives an outage
- Signs, fences and outdoor property, which are usually limited and often forgotten
Coinsurance, which quietly reduces partial claims
Most commercial property policies carry a coinsurance clause requiring you to insure to a stated percentage of value, commonly eighty or ninety percent. Insure below it and every claim, including small ones, is reduced by the same proportion you were short. It is the most common way a business that thought it was covered receives sixty cents on the dollar, and it is entirely avoidable by valuing the property properly at the quote.
What moves the premium
- Construction, occupancy, protection and exposure, which is how every underwriter reads a building.
- Named storm deductible, a percentage here as on a home.
- Roof age and covering, which in this market decides availability as much as price.
- Sprinklers, alarms, and the distance to a fire station.
Business income is the coverage owners regret skipping
The building gets rebuilt whatever happens. The four months of no revenue while it is rebuilt is what closes businesses, and business income coverage is what pays for them. Choose the period of restoration honestly: in a post-storm market, permits and contractors take longer than anyone plans for.
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I lease. What am I responsible for?
Read the lease before the policy. Most commercial leases push improvements, betterments and often the glass onto the tenant, and that is exactly what we insure.
Work it out before anybody sells you anything
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