Commercial Property Insurance
Your investment in real estate property is a liability just as much as it is an asset. One way to tip the lever to all asset with minimal liability is Commercial Property Insurance.
ING Insurance Services carefully evaluates your insurable risk and sets you up with a plan of indemnification that protects your financial obligation to that investment in the event that is damaged and needs to be restored.
Commercial property insurance helps you recover from the perils of fire, wind, lightning, riot, explosion, smoke and other hazards. Policies include coverage for permanent buildings, fixtures, equipment and machinery located at a specific premises in your care, custody, or control. Property owners need to be aware of what the rebuild cost would be to replace their building, lost income and personal property and ING helps you determine that value so there are no gaps.
In addition to the structure, income, and contents that are covered in all policies, there are important optional and extended coverages to also be aware of in the CPP:
Equipment Breakdown insurance is optional coverage that covers the building from losses due to artificially generated electrical current and mechanical pressure failures of equipment located on a building premises such as; boilers, pressure equipment, air conditioners, and refrigeration systems.
Newly Acquired Or Constructed Property coverage applies to new buildings under construction at a different location than the one on the policy, as long as its purpose is of similar use to the primary location or it is used as a warehouse.
Ordinance or Law is coverage for loss to the undamaged portion of a building that needs to be demolished due to building code compliance and order under the local department of building jurisdiction. A common example is a building that sustained a loss and now is required to install a sprinkler system throughout the entire building. The coverage pays for demolition and debris removal of the undamaged portion of the building as well as the increased cost of construction coverage.
There's a lot more to Commercial Property insurance. Start with filling out one of our application forms on the right-hand column and ING will follow up for a more in-depth conversation on coverage options.
Builders Risk Insurance is a policy specifically designed for new construction, remodeling and installation projects for residential and commercial risks.
In a Builders Risk policy, the construction job is covered for perils of fire, lightning, wind, water. There is also coverage for building materials stored on the property and in transit from the perils of vandalism, theft and arson.
Type of remodeling work covered by a Builders Risk policy:
•Bathroom and kitchen improvements
• Building additional stories
• Ground-floor additions
• Removing load-bearing walls
Installation work covered:
• Cabinets and countertops
• HVAC units
• Solar panels
• Tile or floor work
Homeowners and commercial property insurance policies have limited coverage for renovation work especially when it comes to structural work being done by a contractor.
Fill out the Builders Risk application to the right if you’re planning a construction job on your property and ING Insurance services will do a full insurance evaluation to ensure you are properly covered.
Inland Marine policies are designed specifically for inland marine risks. Contents that belong to a business ranging from inventory in a warehouse to construction machinery on a flatbed can also be covered on an inland marine policy. Airborne and waterborne coverage is important to consider if your business is in wholesale/distribution and importing or exporting products.
Below are a list of property types that can be covered by an inland marine policy.
- Contractor’s equipment
• Dealers open lot inventory and floor plan
• Leased property (single and dual interest)
• Computer equipment
• Motor truck cargo
• Forestry and agricultural equipment
• Warehouse legal liability
• Equipment dealers
• Bridges, tunnels
• Railroad and railroad rolling stock
• Marinas, piers, and docks
• Port equipment/container cranes
• Property on exhibition
• Fine arts (dealers, museums, galleries)
ING Insurance Services will help you identify the right policy to cover your unique property needs. Fill out the inland marine policy to the right and we’ll provide a quote.