Commercial Property, Machinery & Equipment
Commercial property risks vary depending on the type of property. Commercial real estate and buildings face a very different set of losses than manufacturers or medical providers do, and approaches to insuring each will differ. Seemingly small differences such as an agreed value valuation vs replacement cost with coinsurance or selling price vs replacement cost can be the difference of a one hundred thousand dollar loss to your balance sheet (or more). The advancement of technology is also drastically changing the landscape of property risks, further complicating insurance programs. Most high valued medical equipment and manufacturing machines have some level of dependent internet connectivity which may even store records as well. When that equipment is hacked or sustains an outage will your insurance be triggered to provide coverage for lost business income or respond to the potential resulting liability? Making sure it is properly insured becomes another challenge: does a dialysis machine fall under high valued medical equipment or business property? Is your inventory best protected under a property policy or an ocean cargo policy? We work closely with our clients to address their exposures by structuring well tailored insurance programs which balance protection against premium appetite to meet their risk.