In the most general sense, property policies are designed for your building at a fixed location and the items inside it. The amount of coverage can be selected in two different ways. First the amount of coverage, and then the number of perils insured against. A peril is the cause of loss. You can purchase perils such as fire, lightning and windstorm. Or you can purchase a Special Perils policy which can also be called an All Risk policy. Of course an All Risk policy does not cover everything. There are still exclusions and some common ones are flood, and pollution.
Business Income with Extra Expense is coverage for lost income following a covered peril plus the extra expenses that can be incurred. For an example, a restaurant has a small fire and is shut down for 3 months to clean and rebuild the kitchen. Business Income is protection against loss of income or profits while repairs are being done. In this scenario Extra Expense would reimburse the restaurant for costs such as advertising to inform the public that they are back up and running.
When calculating Business Income for manufacturing operations the numbers get much more difficult and take some time to consider. What happens when one machine goes down? Will all sales stop or will it take time to show up. This is where an open communication with us is paramount to keeping you going.
Theft of your money and assets is a property coverage. There are several types of Crime Coverages that can protect your business. To name a few: theft of your client’s property, Burglary, Robbery, Computer Fraud and Employee Dishonesty are all different types of coverages you can choose from. No two businesses are the same and no two crime claims are the same. It’s important to understand the different crime options to make sure you have the protection you need when this happens.
Odd phrase but very important coverage. In the late 1800’s Ocean Marine insurance was to protect items as they traveler over oceans. The property was then moved inland on barges and other boats down rivers. Therefore the name Inland Marine. As shipping moved from barges to trains to trucks, the terminology has stayed the same. However, the items covered have grown tremendously.
With Inland Marine policies we can insure just about anything for a specific value. Anything from an antique Lady’s wedding ring, a 10 ton earth moving excavator to bee hives.
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