What Does Commercial Property Insurance policy covered?

Wole.K

Active member
A commercial property insurance policy covers buildings and personal property owned by your own business.

Insurance Coverage - The first part of a policy is usually titled “Coverage.” It explains both "excluded property" and "covered property." This also includes some extra Insurance coverage and Insurance coverage extensions.

Covered Insurance Property - Property insurance policies cover 2 basic types of property: Buildings (also known as real property) and also Business Personal Property. If you happen to own the building in which your company operates, then this insurance policy really should cover both the building and the Business Personal Property it contains. If you rent or lease your building, then this policy will probably cover only your Business Personal Property
.
Building insurance coverage usually includes equipment that are installed, such as a central heater, a boiler, and air conditioning. Furthermore covered are fittings, which means property that are linked to the building, for example a built in furniture or cabinet. Also know that appliances such as dishwashers,fire extinguishers, refrigerators, and outdoor furniture will also be regarded as Building property.

Business Personal Property is made up of property that belongs to you, that are not regarded as Building property. It includes office furniture and equipment (if not linked to the building), raw materials and finished goods.

2 types of property are not yours are also covered:

Property you rent which you are required under the contract to insure; and also
Property within your care that is placed within the building (or outside the building within a particular distance).

This property types are excluded in all property policies:
  1. Land and docks
  2. Plants located outside
  3. Cash and accounts, bills, securities and food
  4. Pets or animals other than stock
  5. Cars, airplanes or boat
  6. Also excavations cost and grading
Property insurance policies also don't include building foundations (like road and walkways), digital data, and also the cost to recover information on valuable data (both hard copy and electronic).
 

Mandy96

Valued Contributor
If I understand you properly, let’s say I happen to have a car I use for transport, like a commercial bus. So I can insure it and when the car starts to develop some problems. The insurance company will be there to take care of the bills. So what if the care needs some repairing at the first premium pay
 
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