The following is a brief outline of coverage and how they are used within the Commercial Building and Personal Property coverage form. Most policies provide coverage for:

Building
  • Building and structures
  • Completed additions to covered buildings
  • Outdoor fixtures
  • Permanently installed fixtures
  • Machinery and equipment
Business Personal Property
  • Property owned by the insured and used in the insured’s business
  • Furniture and fixtures
  • Stock and other similar business property items not specifically excluded
Business Income Pays the net profit that would have been earned if the suspension of the business had not occurred, plus any normal operating expenses that must continue during the suspension of the business.
Extra Expense Pays any expenses over and above those that would have been incurred during normal operation of the business. Some covered expenses are:

  • Expenses incurred to avoid or minimize the suspension of operations
  • Expense to expedite the repair or replacement of property
  • Expense paid for overtime work to speed up the restoration of the business