Q: What does a commercial property policy typically include and exclude?
A: An all-risk policy covers most property damage, but excludes things like floods, earthquakes, war, and nuclear hazards.
Q: Can we get coverage for excluded items?
A: Sometimes. Insurers may allow endorsements for risks like earthquakes, but some exclusions (like nuclear hazards) cannot be covered.
Q: Are there other endorsements we should consider?
A: Yes. Examples include coverage for historic features, equipment in transit, or business income loss. These are not always part of a standard policy.
Q: How do you determine the right amount of insurance for a commercial property?
A: You need enough coverage to replace or repair damaged property. Insured value is influenced by construction type, age, and market conditions. Replacement cost or agreed value options may apply.
Q: What factors influence premiums on commercial property?
A: Factors include building age, location, construction type, safety features, and claims history. Market conditions also drive rates higher.
Q: Are there steps I can take to reduce premiums?
A: Yes. Investing in updated sprinkler and alarm systems, doing regular maintenance, and accepting a higher deductible can help lower costs.
Q: If I submit a claim, how will it affect me in the future?
A: Claims history impacts your ability to get coverage and your premium rates. Even small claims can raise costs, so it’s important to weigh whether to file.
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