The building
Commercial property
Commercial property addresses covered physical loss to scheduled property. The building description, valuation basis, causes of loss, and endorsements determine the scope.
What the review should address
- The named interests and locations on the schedule
- Replacement-cost or actual-cash-value terms and coinsurance
- Vacancy provisions and changes in occupancy or use
- Water and earth-movement exclusions, plus any separate protection
Where the wording matters
Market value is not the same as the cost of rebuilding. Lost rent also needs its own wording reviewed; it is not established simply by insuring the structure.
Have these facts ready
- Current building use and occupancy
- Alterations and building-system updates
- How the reported rebuilding value was established
Prepare for a discussion
Choose a discussion time
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