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Is Your Business Protected? Property Coverage Insight

A business often has several different types of property to insure such as buildings, equipment, automobiles, cargo, inventory, and even customer’s property. Insurance policies all contain coverage forms that specify the details, limitations and exclusions governing each policy. Included in those forms is a valuation clause that determines how an insured’s property is valued at the time of a loss/claim.

Understanding these valuation details is critical to ensure you have the proper coverage to replace the damaged/missing property while avoiding unfriendly co-insurance penalties. Below is a list of the commonly used terms in property policies with which you should be…

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