Remove Commercial Property Remove Damage Remove Insurance Policy
article thumbnail

Lack of Insurable Interest Precludes Recovery for Property Damage

The Property Insurance Law Observer

Consequently, the plaintiff was not entitled to indemnity for damage to the property it purported to insure under a commercial property insurance policy. [1] During the policy term, the business claimed that the properties suffered damage caused by a hurricane and submitted a claim to the insurer.

article thumbnail

Does Commercial Property Insurance Cover Water Damage?

Tosten Marketing

Water damage can wreak havoc on commercial properties, leading to costly repairs and business disruptions. At Tosten Marketing, we often hear from business owners wondering about their insurance coverage for such incidents. Commercial property insurance water damage coverage is a complex topic with many nuances.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What Perils Are Covered by Commercial Property Insurance?

Property Insurance Centre

What Perils Are Covered by Commercial Property Insurance? Commercial property insurance is essential for businesses to protect their assets from unforeseen events. But what exactly does commercial property insurance cover? Below are the most common perils covered: 1.

article thumbnail

How Climate Change is Shaping Insurance Policies for Commercial Properties

Protect Commercial Insurance

Introduction Climate change isn’t just an environmental buzzword; it’s rapidly becoming a pivotal factor in the world of insurance, especially for commercial properties. As we face more frequent and intense extreme weather events, insurers are re-evaluating their policies to better manage these growing risks.

article thumbnail

Insurance Considerations When Expanding Your Business to a New Location

Mark Jackson Insurance Agency

Brick commercial office building by Binyamin Mellish Expanding your business to a new location is an exciting step toward growth, but it also introduces new risks. From property protection to liability coverage, ensuring your business insurance policies align with your expansion is critical.

article thumbnail

The Importance of Accurate Valuation in Commercial Property Insurance

Bankers Insurance

THE IMPORTANCE OF ACCURATE VALUATION IN COMMERCIAL PROPERTY INSURANCE When purchasing or renewing commercial property insurance , it’s important for businesses to ensure their coverage includes correct property valuations. Additionally, property undervaluation can result in coinsurance penalties.

article thumbnail

Court Addresses Whether Rainwater Accumulation on Roof Constituted “Surface Water”

The Property Insurance Law Observer

23, 2024), the Supreme Judicial Court of Massachusetts held that the term “surface waters,” as used in a limitation contained in commercial property insurance policies, was ambiguous in the context of rainwater accumulating on roofs, thereby finding coverage for the insured.