A Commercial Property Policy is designed for the commercial exposures faced by a business for loss or damage to a Building, Contents, Equipment or a number of property related coverages resulting from a covered cause of loss such as Fire. The lists of included coverages may include:
Building – pays for repairs for damage to the owned or rented/leased structure (if required by lease) up to the limits of the policy in excess of the deductible.
Contents – pays for the repair/replacement of the personal property located within the building that is damaged by a covered cause of loss up to the policy limits.
Equipment – may be covered as personal property unless scheduled specifically under an Inland Marine policy.
Business Income/Extra Expense: can reimburse the business for lost income due to a covered cause of loss as well as the out-of-pocket expenses to keep the business operating thereby reducing the potential loss of income and relationships, including the cost of renting a temporary facility.
Electronic Data: the cost to repair replace information stored in electronic media due to covered cause of loss.
Property of Others: pays for property damaged that is not owned by the business but stored or maintained in the insured premises up to the allowable limit.
Valuable Papers & Records: pays for the cost to reconstruct the valuable papers and records that are damaged to to a covered cause of loss.