Property Coverages & Endorsements

Here are some examples of property coverage’s:

Commercial broad form

To insure buildings, equipment, stock, contents or all property as defined while situated at the premises stated on the Declarations.

Notable exclusions can be:

• Vacant, shut down or unoccupied property for more than 30 consecutive days
• Sewer backup, flood and earthquake insurance may be purchased as optional coverage
• Boiler and related machinery (except by ensuing fire) insurance may be purchased as optional coverage
• Theft for furs, jewelry (including costume),watches, fine arts, precious stones except for the first $1,000
• Property on loan or rent
• Mysterious disappearance or shortage when taking inventory
• Locked vehicle warranty

Endorsements

Some of them are:

• Replacement cost endorsement broad form
  This clause usually amends the basis of settlement under the Commercial Broad Form, from Actual Cash Value to Replacement Value. If not replaced or repaired then this endorsement will not apply.
  
  
• Building by-laws endorsement
  Extends coverage for additional costs which are caused by the enforcement of any by-law, or law which regulates zoning, demolition, repair or construction of the damaged building, providing that the loss to the damaged building was from an insured peril.
  
  
• Consequential loss endorsement (including Off Premises Service Interruption)
  Extends coverage to include the additional peril of spoilage to the insured's stock due to a change in temperature from an insured loss. Loss or damage must be caused by an insured Peril to the refrigeration or cooling apparatus. Coverage also extends to pick up loss or damage caused by Off Premises interruption of power as long as the cause of loss is an insured peril.
  
  
• Earthquake endorsement
  Insures loss or damage as a result of an earthquake shock, to property insured under a Commercial Broad Form rider.
  
  
• Flood endorsement
  Adds the Peril of Flood to Commercial Broad Form riders.
  Flood means the rising of, the breaking out of, or the overflow of any body of water, whether natural or man made and include waves, tides and tidal waves (water below the surface of the ground that seeps or leaks into the premises is excluded).
  
  
• Sewer backup endorsement
  Extends the definition of water damage; to include the peril of sewer backup.
  Covers the escape of water from a sewer system or sump pump system (excludes seepage or leakage from natural sources).
  
  
• Broad form extension endorsement:
  This endorsement extends coverage under the Commercial Broad Form Rider to include coverage’s normally found in separate rider forms by placing them on form with preset limits.
  
  Coverage may include:

• Sign floater
  Provides Broad Form Property Coverage for exterior signs on or off the premises.
  Coverage is on an Actual Cash Basis.
  
  
• Miscellaneous property floater - Broad form
  Provides coverage for specific items that might be mobile and are not covered under the Commercial Broad Form Rider or any other rider.
  Broad Form coverage for Actual Cash Value – the limit is specified for each item insured on schedule and coverage applies on or off premises anywhere in Canada or Continental United States.
  
  
• Contractor's equipment floater - Broad form
  Provides Broad Form coverage for loss or damage to contractor's equipment which is owned by the insured or for which he is liable including while in transit and while on a carrying conveyance.
  Insured on a Broad Form basis and included General average and salvage charges for the Actual Cash Value.
  
  
• Tool floater - Broad form
  Insures Tools and Equipment (all items usual to the insured’s trade or business including but not limited to saws, spades, drills, ladders, hammers, brushes, drop cloths and ratchets) of the insured that are used on or off premises.
  Coverage is usually for Actual Cash Value and usually covers on an all-risk basis anywhere in Canada and the Continental United States (excluding Alaska) (Items should be listed on a "Schedule").
  

Delsan Group is there to service your needs in Commercial & Personal lines insurance.

For more information, contact the Delsan Group.