Commercial Insurance Vancouver WA and Portland Metro Area
PROPERTY INSURANCE
Property insurance pays for losses and damages to real or personal property. For example, a property insurance policy would cover fire damage to your office space. You can purchase additional coverages for business property, including:
Boiler and Machinery Insurance
Boiler and machinery insurance, sometimes referred to as "equipment breakdown" or "mechanical breakdown coverage," provides coverage for the accidental breakdown of boilers, machinery, and equipment. This type of coverage usually will reimburse you for property damage and business interruption losses. For example, this coverage would cover fire damage to computers.
Boiler & Machinery insurance covers direct damage to covered property when caused by a covered cause of loss. Covered property is any property that is owned by the named insured or is in the named insured's care, custody, or control and for which the named insured is legally liable. A covered cause of loss is a sudden and accidental breakdown of the insured's boiler and machinery equipment or any part of the equipment described in the policy. Boiler and machinery insurance is necessary because commercial property policies exclude explosion of steam boilers and breakdown of machinery. The standard boiler and machinery policy contains three extensions of coverage. The three extensions are as follows:
1) Expediting Expense coverage, which pays the reasonable extra cost incurred to expedite progress after a loss
2) Automatic Coverage, which covers accidents to objects at newly acquired locations for up to ninety days after the named insured acquires the property and
3) Defense Cost and Supplemental Payments, which would apply when the insurer is defending the insured against claims or suits alleging liability for damage to property of others.
Defense cost and supplementary payments are payable in addition to the policy limit. Expediting expenses are included in, and not in addition to, policy limits. In addition to the three extensions, the policy has four interior limits of $5,000 each, for 1) the cost of cleanup, repair or replacement, or disposal.
Debris Removal Insurance
Debris removal insurance covers the cost of removing debris after a fire, flood, windstorm, etc. For example, a fire burns your building to the ground. Before you can start rebuilding, the remains of the old building have to be removed. Your property insurance will cover the costs of rebuilding, but not of removing the debris.
Builder's Risk Insurance
Builder's risk insurance covers buildings while they are being constructed. For example, a Builder's risk policy would cover losses if a windstorm takes down your partially constructed condominium complex.
This is a policy is designed to provide coverage for buildings while under construction. It covers the contractor’s interest in materials at the job site before they are installed, materials in transit intended for the job and the value of the property being constructed until it is completed and accepted by the owner. The policy may be written to cover the whole structure for New construction or the cost of Remodeling and Renovation projects. It can also be used to cover specific projects such as a new room addition, a deck or a remodeled kitchen.
The named insured of a Builder's Risk policy is usually the contractor or developer of the property. However, it may be the building owner or homeowner if they are responsible for insuring the property while under construction. A mortgagee or lien holder may be added as an additional insured at no additional charge.
The standard deductible is $500. However, other deductible amounts are available and the deductible applies only once per loss. Higher deductibles will help to significantly lower your premium.
Glass Insurance
Glass insurance covers broken store windows and plate glass windows. Coverage on an All Risks basis for glass breakage, subject to exclusions of war and fire. Thus, if a vandal throws a brick through a window of an insured's establishment, the coverage would apply.
Inland Marine Insurance
Inland marine insurance covers property in transit and other people's property on your premises. For example, this insurance would cover fire-damage to customers' clothing from a fire at your dry cleaning business. However, The definition of inland marine insurance, such as it is, rests
heavily on perceptions of common practice. To an extent, what
inland marine is depends on what its practitioners do. We must go beyond the Nationwide Definition to arrive at a working understanding of how inland marine insurance contrasts with other property/casualty lines. For practical purposes in today’s market, inland marine insurance involves coverage for risks that are unique in nature and change frequently.
To illustrate, compare inland marine insurance with multiperil commercial property insurance, the modern-day version of the old “fire” policies. Standard commercial property policies are written to insure buildings and personal property that are in the same location and essentially same condition over time. A frame structure in an unprotected area with high windstorm exposure remains in that condition day after day. Underwriters should watch for changes in the amount and type of personal property, but the risk exposure remains essentially the same over time.
Inland marine insurance addresses risks for which change is constant. This is clearly seen in the inland marine construction classes— builders risk, contractor’s equipment, and installation floaters—which account for the most premium volume in the line. A backhoe operating on dry, flat ground one day could be operating on a slippery slope the next. A building under construction is in a different stage of completion at the conclusion of a day’s work than when work started in the morning.
Business Interruption Insurance
Business interruption insurance covers lost income and expenses resulting from property damage or loss. For example, if a fire forces you to close your doors for two months, this insurance would reimburse you for salaries, taxes, rents, and net profits that would have been earned during the two-month period.
It also protects a business owner against losses resulting from a temporary shutdown because of fire or other insured peril. Generally, business interruption insurance provides reimbursement for lost net profits and necessary continuing expenses.
There are various types of business interruption coverage available. A business interruption policy that includes extra expense coverage in case you have to carry on business at a different location because of insured damage at your original place of business can be a wise business insurance investment.
Ordinance or Law Insurance
Ordinance or law insurance covers the costs associated with having to demolish and rebuild to code when your building has been partially destroyed (usually 50 percent). For example, your three-story building is 100 years old. A flood destroys the basement and first two stories. Because more than 50 percent of your building has to be rebuilt, a local ordinance requires that the building be completely demolished and rebuilt according to current building codes. Property insurance covers only the replacement value, not the upgrade.
One of the most needed types of insurance coverage by many consumers is also one of the most commonly overlooked, or even known about. It's called Ordinance or Law Coverage. As your home becomes older certain changes in your county's building codes and ordinance change to reflect new standards for home construction. If your older property suffers a substantial loss, fixing it may require a higher construction standard to reflect new laws, therefore simply replacing your home as it was just isn't good enough to meet these new laws and codes.
Let's say, for example, your home was built in 1972 and the building code called for your home to be built 5 feet off the ground, and in 1993 the building ordinance was upgraded to call for the same building to be 10 feet above the ground following a minor flood a few years earlier. Complying with this code requires a change in design and building materials, and will incur substantial additional costs for labor and materials.
As this occurs the cost of replacing your dwelling is greatly increased. If these new laws are not met during re-construction the codes inspector must stop construction and name the dwelling as uninhabitable until such time as these building standards are properly met. If your insurance doesn't cover this increase in government standards then you risk being in a "catch 22" situation where you will have to pay for these upgrades before completing the repairs and resuming residence.
As your independent agent we may offer many types of policies from many different insurers. Although the companies we represent have different ways of offering coverage for ordinance or law based upon costs and inclusions, you need to be aware of your policy's specific protection value. Please review your policy to find out exactly what it offers for ordinance or law coverage, or contact us to help in your personal policy review.
Tenant's Insurance
Commercial leases often require tenants to carry a certain amount of insurance. A renter's commercial policy covers damages to improvements you make to your rental space and damages to the building caused by the negligence of your employees.
Tenant insurance offers renters coverage similar to homeowner insurance. It is normally a special "package" that combines coverage for personal liability, premises medical coverage, additional living expense, and personal property (contents) coverage. Tenant insurance does not cover the building but may have a provision to cover tenant improvements.
Who can buy tenant insurance?
Tenant insurance is for those who rent their living quarters, for instance, apartment, single family home or multi-family residence – duplex, triplex or quad etc.).
Are there personal property (contents) limitations that you should know about?
Yes. The following is a list of some, but not all, of those items that typically have specific dollar limitation: money, securities, watercraft, trailers, jewelry, silverware, gold-ware, pewter-ware, and business property. Be sure to talk to your agent about items with specific limitations.
Crime Insurance/Fidelity Bonds
Crime insurance covers theft, burglary, and robbery of money, securities, stock, and fixtures from employees and outsiders.
Fidelity/Crime Insurance protects organizations from loss of money, securities, or inventory resulting from crime. Common Fidelity/Crime insurance claims allege employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.
These schemes involve every possible angle, taking advantage of any potential weakness in your company’s financial controls. From fictitious employees, dummy accounts payable, non-existent suppliers to outright theft of money, securities and property. Fraud and embezzlement in the workplace is on the rise, occurring in even the best work environments.
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Commercial Quote
There are Three Main Types of Commercial Insurance:
Property Insurance | Liability Insurance | Worker's Compensation
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Commercial Quote
All of these are things that people typically equate with "Premium" insurance, but doesn't have to be the case. We will work with you to make sure your Commercial insurance is the best it can be within your budget. Combine it with our Homeowners Insurance, Renters Insurance, or Commercial Insurance to get an even better rate! Ask us how... |
