Buildings and Other Property

 

It is extremely important to have an adequate limit of insurance for a building. Considerations include the cost of removing the debris, architectural fees, zoning and permits, the cost and availability of the same type of materials used in the old building, and the escalation of building costs that frequently occurs after a major storm. Does your current coverage have a coinsurance clause? If so, inadequate building values may cause you a severe penalty even for a partial loss. 

Pinnacle Risk Managers can review your insurance needs and assist you in determining if the coverage you have is adequate to rebuild your building. The best method to determine the reconstruction cost of your building is to obtain an appraisal from a reliable appraiser, contractor or architect. 

A significant exposure for building owners to consider is the effect of Building Ordinance and Laws on the cost of rebuilding. Often zoning laws will not allow a damaged structure to be repaired or rebuilt unless it meets current building codes, which may include requirements for sprinklers, elevators, additional stairways, fire resistive materials, and handicapped access. Building codes also frequently require the demolition of the undamaged portion of a structure that is more than 50% destroyed by a covered loss.

 

OTHER PROPERTY

• Business Personal Property

• Equipment

• Computers, Data, Software

• Additions and Alterations

• Valuable Papers & Records

• Outdoor Property

• Tools

 

INLAND MARINE

An inland marine policy (also called a Floater) is designed to insure property that may be moving from location to location; off premises at new/temporary locations or work sites; or subject to unique circumstances that are not covered by a conventional property policy. It can also include coverage for property under construction and bridges, roads, piers, etc. Examples of items commonly insured on an inland marine policy include accounts receivable, fine arts, signs, tools and equipment, and valuable papers.

 

BUSINESS INCOME & EXTRA EXPENSE

Business Income coverage protects against the loss of net income that would have been earned and continuing normal operating expenses incurred (including payroll) when a business is forced to discontinue operations due to a covered loss. Extra Expense covers the expenses incurred over and above normal operating expenses that reduces your business income loss. 

 

Commercial Crime

 

Every company, regardless of size, is a potential target for crime. Experts acknowledge that this is one of the fastest-growing, most prevalent problems facing businesses today. The changing economic environment, advancements in technology and international expansion make the threat of loss more ominous than ever before.

 

A comprehensive Commercial Crime policy is an absolute necessity for any business concerned with protecting their company's assets today and in the future. Crime losses can cause financial havoc and destroy a business and its credibility. You can take preventative measures through the implementation of a comprehensive risk management program, which should also include Commercial Crime coverage.

 

The Commercial Crime policy can provide coverage for the following:

• Employee Dishonesty (Fidelity): Losses of money, securities and other property caused by theft or forgery by an employee. Third PartyEmployee Dishonesty coverage is also available and provides protection against theft of a third parties property by an employee.

• Forgery & Alteration Coverage: Losses resulting from instruments which have been fraudulently drawn against the company's accounts by a third party.

• Premises Coverage: Losses sustained due to the destruction, disappearance or abstraction of money and securities within or from your premises by third parties (burglary and robbery).

• Transit Coverage: Losses sustained due to the destruction, disappearance or abstraction of money and securities outside your premises by a third party, while being conveyed by you or any authorized person for your business.

• Computer Theft/Fraud: Losses resulting from the fraudulent taking of money or securities through the use of a computer.

• Funds Transfer Fraud Coverage: Losses resulting from the fraudulent taking of money or securities through fraudulent instructions to a financial institution to transfer, pay or deliver money or securities.

• Investigation Costs Coverage: Reasonable expenses incurred in establishing the existence and amount of any covered crime loss.