ACTUAL CASH VALUE Your building and contents will be written on an actual cash value basis. Any loss will be reimbursed based on the value of the item at the time of the loss, less depreciation.
AGREED VALUE This endorsement waives the co-insurance clause, thus eliminating any potential penalties for purchasing inadequate amounts of insurance. An agreed liability limit is the basis for monetary reimbursements and payments.
BASIC FORM CAUSE OF LOSS This coverage protects your building(s) and personal property or contents from loss caused by basic perils including fire, lightning, vandalism, sprinkler leakage, sinkhole collapse, volcanic action and other extended coverage perils.
BLANKET COVERAGE This coverage insures all property at a single amount. This eliminates having individual limits for each separate coverage that is written.
BRAND AND LABEL CLAUSE This endorsement will reimburse you for costs when damage occurs to your property and it must be stamped as salvage or voided, or when your labels must be removed from the property items due to damage.
BROAD FORM CAUSE OF LOSS This protects your building(s) and contents from causes of loss such as fire, lightning, sprinkler leakage, sinkhole collapse, vandalism and extended coverage perils, breakage of glass, falling objects, collapse due to snow, ice, water damage due to accidental leakage or discharge caused by plumbing system and collapse of walls or roof. Your business would be insured against these types of losses.
BUILDING ORDINANCE Provides coverage in the event the building is damaged or destroyed and the originally used materials are out dated or no longer in use. The difference in cost for the upgraded replacement materials would be covered, as would cost of partial or complete demolition.
CO-INSURANCE CLAUSE Under the terms of this clause, we will insure your property at a co-insurance value equaling 80,90 or 100%. This encourages you to purchase an adequate amount of coverage.
CONTRACTORS RIPPING & TEARING This insurance covers labor cost expenses related with the intentional destruction and/or removal of a product that has proven to be defective and must be replaced. The cost of restoring the existing foundation or structure to the same condition that existed before the defective product is discovered, will also be covered.
DEBRIS REMOVAL In the event of damage to your property, whereas debris cleanup is necessary, this coverage will pay for expenses up to a stated amount.
DEDUCTIBLE CLAUSE This gives you one deductible to pay per occurrence, regardless of the number of buildings or contents that were damaged. This replaces the standard deductible which applies for each different location of buildings or personal property.
DEMOLITION COST This coverage protects your business in the event demolition after a covered loss is necessary to prepare for the rebuilding of your property. This may be required if the remaining structure is deemed unsafe.
DIFFERENCE IN CONDITIONS This coverage provides complete protection against direct loss or damage to your real and personal property as a result of earthquake, flood, burglary, transit, etc. It does not replace a property policy, but merely extends the perils which are insured. This policy can be custom designed to fit your own unique exposures.
EARTHQUAKE Damage caused by earth movement, whether by earthquake, landslide, volcanic eruption, and rising or shifting of land, is covered up to the stated policy limit with a deductible.
FIRE DEPARTMENT SERVICE CHARGE In the event of fire the service charge of a fire department (up to $1,000) will be paid by this endorsement, once the property limit of insurance has been exhausted.
FLOOD INSURANCE Damage caused by flood, high tides, waves or rising waters due to a storm, that results in damage to your building(s) or contents, is covered up to the policy imit. Mud slide damage, when caused by these perils, is also included.
FUNCTIONAL REPLACEMENT VALUE Your building and contents will be written on functional replacement cost basis. Any loss will be reimbursed based on the cost to replace it with similar property intended to perform the same function when replacement with identical property is not feasible or unnecessary.