Property

Property coverage is purchased to protect the physical assets that you own or lease such as buildings, office equipment, furniture, fixtures, etc. There may be a special type of coverage that the organization needs to purchase for property in transit, mobile equipment, fine arts, etc. When purchasing this coverage, it is important to have a thorough inventory of all physical assets; and then make sure that the property is accurately valued and that adequate coverage limits are purchased. Many property policies have a co-insurance penalty for under-insured property limits. Also, it is extremely important to note that in the event of a property loss and if your property is under-insured, the insurance company will apply a co-insurance penalty to any claims settlements. Also, determine and be sure to understand the valuation of property, such as replacement cost, actual cash value or agreed value.

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