December 12, 2019What is Commercial Property Insurance?
Tiger Chen With the continuous development of your business, you need to implement various financial protection measures for operating income, accounts receivable, assets, expenses, inventory, and profits. One effective method is to transfer these financial risks by purchasing commercial property insurance. At the same time, you can also use it to prevent employee fraud. Our company is mainly committed to finding and providing the most suitable guarantee content for customers in the automotive industry.
Commercial property insurance is a critical contract to protect your tangible assets. When you own or lease the land, real estate, part of the real estate, equipment, furniture, inventory, all kinds of risks, such as fire, theft, smoke, flood, and intentional destruction of property, have insurance benefits to protect these assets.
Commercial Property Insurance protects your tangible assets that include:
- Buildings owned and leased by your company,
- Your inventory and supplies
- Vacant Land
- Equipment
- Fixtures
- Interior decoration
- Outside sign
- Fence
- Landscape
- Loss of profits and other economic losses due to interruption of production operations due to underwriting risks
Types of commercial property insurance
There are two types of commercial property insurance policy form:
- All Risks policy, as foreseen in its name, covers covering a wide range of incidents and perils except those noted in the policy. The standard exclusions are mainly earthquakes, floods, natural wear and tear, nuclear accidents, terrorist acts, and war. Some of these exclusions can be covered by additional risks such as endorsements.
- Peril-specific policies: it covers losses from only those perils listed. Examples of these include fire, flood, crime, and business interruption insurance. The risks usually stated in the insurance policy are fire, lightning, explosion, and falling objects, and external collisions. Therefore, limited coverage requires you to confirm whether it can provide you with adequate coverage carefully. In terms of premiums, corresponding to the limited coverage, the premiums are also relatively low.
Do you know how the insured property is valued?
At replacement price: For the relocation or reconstruction of damaged property using similar types and quality of materials, no depreciation amount is deducted.
In terms of actual cash value: the amount required for the repair and reconstruction of damaged property and the use of similar types and quality of materials after deducting the corresponding depreciation amount.
Competitive quote for manufacturers, importers, and wholesalers of the automotive industry
We have served the automotive industry businesses worldwide in the past 15 years, and we know the automotive industry business is unique. Thanks to our loyal customers, we together, established a flexible commercial property insurance coverage options for automotive industry businesses. We can tailor business insurance to your specific needs. Many of our coverages can be bundles into cost-effective packages, enabling us to offer highly competitive pricing.
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