Property Insurance

Protecting your building and contents in the event of natural disasters, fire, and other events is important for all businesses. Property Insurance can cover a broad variety of perils associated with property damage, from damage to the building itself to loss of income due to business interruption.

Choosing the right property insurance is important as it is one of the most fundamental insurances available and comes with a wide variety of options. Here at G&M Insurance Services, we can help with your property insurance needs. Your property can be insured under three different bases of valuations;

• Replacement cost pays the cost of repairing or replacing your property with like kind and quality regardless of depreciation or appreciation. Premiums for this type of coverage are based on replacement cost values, and not based on actual cash value.
• Actual cash value provides for replacement cost minus depreciation.
• Extended replacement cost will pay over the coverage limit if the costs for construction have increased. This generally will not exceed 25% of the limit. When you obtain an insurance policy, the limit is the maximum amount of benefit the insurance company will pay for a given situation or occurrence. Limits also include the ages below or above what an insurance company will not issue a new policy or continue a policy.

Your policy can be underwritten on either an open-perils or named-peril basis. Covers can include:

• Stand-Alone Catastrophe
• Business Interruption
• Additional Increased Cost of Working (AICOW)
• Deductible Buy-Downs are available
• A difference in conditions/difference in limits (DICDIL)
• Auto and Equipment

Risk management is key for not only protecting your property against loss, but it also goes a long way towards reducing insurance premiums. Insurers will usually conduct a COPE analysis when pricing a property risk, which includes; Construction Type, Occupation, Protections, and Exposure.

For further information about our property insurance give us a call on 00 1 (832) 681 8657 or take a look at our Property Insurance Brochure.