Understand Critical Commercial Property Policy and Endorsement Language
Commercial property insurance is one of the cornerstones of any organization's insurance program. Businesses buy commercial property insurance to protect themselves in case of damage to their own property and also to cover the loss of income or increase in expenses that result from not being able to use the damaged property while it is being repaired or replaced.
To serve your clients well, it is important to fully understand standard commercial property policies and how to tailor the coverage to meet each client's needs.
Use IRMI's Provision-by-Provision an Analysis To Master the Basic Commercial Property Forms
Standard commercial property policies are drafted by the Insurance Services Office, Inc. (ISO), and they are "modular"—meaning that several separate forms must be combined to make up a policy. IRMI's Commercial Property Insurance gives you a detailed analysis of each provision in the basic forms that are used to make up a standard commercial property policy.
- Common Policy Conditions (IL 00 17)
- Commercial Property Conditions (CP 00 90)
- Building and Personal Property Coverage Form (CP 00 10)
- Business Income (and Extra Expense) Coverage Form (CP 00 30)
- Causes of Loss—Special Form (CP 10 30) (or, alternatively, the Causes of Loss—Basic Form [CP 10 10] or Causes of Loss—Broad Form [CP 10 20])
The analysis includes relevant court cases as well as provision history. And, you can access the analysis via IRMI's popular "hyperpolicies"—special versions of the coverage forms that take you from any provision in the form to the IRMI analysis of that provision with just a click.
Go a Step Further with Analysis of More Than 150 Commercial Property Endorsements
In addition to the basic policy forms, there are more than 150 standard commercial property policy endorsements that are available to modify the coverage.
Use the discussions that analyze each of these endorsements and the specimen copies to make recommendations to improve the policy to better meet your clients' needs.
