Commercial Basic Form - ️️FLEC VSVS
Fire
Lightening
EC= WC Shavver
Vandalism
Sinkhole
Volcanos
Sprinkler
Commercial Broad Form - ️️Basic + FAWCG
Falling
Accidental steam or water
Water damage
Collaps
Glass breaking
4 Commercial Coverages - ️️*Building and Personal Property...
NC Property Insurance- Commercial
Commercial Basic Form - ✔️✔️FLEC VSVS
Fire
Lightening
EC= WC Shavver
Vandalism
Sinkhole
Volcanos
Sprinkler
Commercial Broad Form - ✔️✔️Basic + FAWCG
Falling
Accidental steam or water
Water damage
Collaps
Glass breaking
4 Commercial Coverages - ✔️✔️*Building and Personal Property
*Business Income
*Extra Expense Coverage
*Builders Risk Coverage
Buildings and Personal Property Covergage - ✔️✔️It pays for direct losses to covered
buildings and personal property
3 classes:
A. Buildings
B. Business personal property
C. Personal Property of others
Building - ✔️✔️*Building or structure defined in the declarations page
*Includes Fixtures, permanently installed machines and equipment
*Personal property used to maintain building.
Business Personal Property - ✔️✔️*Located in or on premises, vehicles within 100 feet
of the building
*Includes furniture, machinery, equipment, stock all other personal property owned by
the insured and used in the business.
Personal Property of Others - ✔️✔️*property in the insured care, custody and control;
and located in or on the building.
, Additional Coverages - ✔️✔️*Debris removal
*Removal
*Fire Dept. Service Charge
*Pollutant Clean up and removal
Coverage Extension - ✔️✔️*Newly acquired or constructed property
*Property of others
* Valuable papers and records
*Property off premises
*Outdoor property
Earthquake Form - ✔️✔️Earthquake
Volcano
Commercial Special form - ✔️✔️All risk, Open peril
Loss Valuation Condition - ✔️✔️This condition specifies how the amount of loss will be
determined.
Peak Season coverage endorsement - ✔️✔️allows limits for business personal
property to be increased for specific periods of time.
Ordinance of Law endorsement - ✔️✔️covers additional cost of repairs, building to
code. Example copper plumbing is replaced w/ modern piping.
Spoilage endorsement - ✔️✔️coverage for perishable stock as a result of power
outages , mechanical failures and contamination.
Builders Risk - ✔️✔️Covers real property under construction. Its unique because the
value of the property increases over the period of construction.
Two forms of Builders Risk - ✔️✔️*Completed value basis
*Reported value basis
Completed Value basis - ✔️✔️Completed Value basis- limit of issuance is the value of
the building at completion. Risk starts at zero and gradually climbs. Lower rates.
Reported Value Basis - ✔️✔️Reported Value basis- requires periodic reports to be filed
w/ the insurer which show the value at that point in time. Any loss is based on last
reported value.
Also covers: foundation, temporary structures, building materials and supplies (within
100ft)
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