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One important insurance need for businesses is the need for property insurance: insurance on real property such as office buildings, factories and warehouses, and insurance on business personal property such as furniture, fixtures, machinery, and inventory. The most widely used means for providing the property insurance that businesses need is the Commercial Property coverage part of the Commercial Package Policy (CPP).

Commercial Package Policy (CPP) - Package policy for businesses developed by ISO (Insurance Services Office - Organization established for the benefit of its member insurance companies and other subscriber companies. ISO gathers statistics, provides loss costs, drafts policy forms and coverage provisions, and conducts inspections for rate-making purposes). Insureds can select two or more of the following coverages to include in the policy: Commercial General Liability, Commercial Property, Commercial Inland Marine, Commercial Crime, Boiler And Machinery, Farm, and Commercial Automobile. Most commercial risks are eligible for the CPP. The Commercial Property coverage part consists of a number of separate components that can be combined to provide the appropriate property coverage for a wide variety of commercial insureds. In addition to the Common Policy Declarations and Conditions, each Commercial Property coverage part must include:

* Commercial Property Declarations Form - provides additional information about the premises to be insured and the specific forms that will apply. It also includes the name and addresses of any mortgage holders. The Commercial Property coverage forms contain descriptions of the specific coverages being provided to the business. Each Commercial Property coverage form defines what property is covered, what property is not covered, how limits and deductibles apply, and what special conditions apply. These are coverage forms:

(1) Building And Personal Property (2) Builders Risk (3) Condominium Association (4) Condominium Commercial Unit-Owners (5) Business Income With Extra Expense (6) Business Income Without Extra Expense (7) Extra Expense (8) Legal Liability (9) Glass.

* Commercial Property Conditions Form - includes conditions that apply specifically to the Commercial Property coverage forms.

The Control Of Property condition states that an act of neglect of a person beyond the insured’s direction or control will not affect the insurance. In addition, if the insured violates a condition of the policy with regard to a specific location, the insurance applicable to other locations will not be affected.

The Legal Action Against Us, the Other Insurance, the Policy Period, Coverage Territory, the Transfer Of Rights Of Recovery Against Others to Us, the Concealment Or Fraud, the No Benefit To Bailee, the Liberalization, are Commercial Property Conditions Forms.

* Causes Of Loss Forms - list the perils that the property is insured against. There are four separate Causes Of Loss forms:

(1) Basic (2) Broad (3) Special (4) Earthquake

Generally, only one Causes Of Loss form is used. However, the Earthquake form may only be used in conjunction with one of the other three forms.

Finally, there are a variety of endorsements that can be added to the policy to modify coverage. Some endorsements are mandatory by law or when particular coverages are written.

* One or more Commercial Property coverage forms

* Any mandatory endorsements

The most commonly purchased form, and the form that is the core of the Commercial Property coverage part, is the Building And Personal Property coverage form. It covers buildings, the insured’s business personal property and the personal property of others located at the business premises. The insured may select coverage for one or more of these categories. Coverage is only provided for coverages that have a limit of insurance shown in the Declarations.

For more details, please call a PaulBalep representative toll-free 1-800-964-8614 to receive a free, no-obligation quote.

Please note that the precise coverage afforded is subject to the terms, conditions, and exclusions of the policy as issued. This explanation is intended only as a guideline. This information is not intended to be considered investment, tax or legal advice. It is provided, for your education only. This is not an insurance contract. All terms and coverages are defined solely by your policy.

<<Independence is number one>>. We are nonexclusive producers who represent an average of eight companies-not just one. PaulBalep can evaluate and compare the products of several fine companies to find you the right combination of coverage and value.










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