Property Coverages:
1. Building
2. Business Personal Property (furniture and fixtures) – contents other than stock inventory.
3. Tenants Improvements and Betterment’s – permanent changes. Tenants improvements and betterment’s are fixtures, alterations, installations or additions.
- Made a part of the building and structure you occupy, but do not own; and
- You acquired or made at your own expense but cannot legally remove.
4. Inventory – Pledged (pawned) and Unpledged (owned) items. Coverage is written on a “Special Form” basis including fire, lightning damage, theft and wind/hail damage, subject to the policy and State exclusions.
- Specific exclusions include; earthquake, pollution, flood, employee dishonesty and mysterious disappearance. (Please refer to the original policy.)
- Deductibles vary. (The minimum policy deductible is $500 — Firearms and Jewelry section has a minimum deductible of $1,000.)
- Coverage is available for buildings, business personal property (furniture & fixtures), and tenants improvements & betterments on a replacement cost basis. (This means without penalty for depreciation.)
- Actual Cash Value may be selected and/or required on the building and business personal property coverage section depending on the age of the building. (All updates must be within the last 15 years on buildings over 25 years old in order to provide replacement cost coverage.)
5. Business Income – written on a monthly limitations form. Monthly limitations available: 1/3, 1/4 or 1/6. Extended period of indemnity up to 360 days also available.
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