Commercial Property and Liability Insurance
Commercial property forms
The Building and Personal Property Coverage Form (CP 00 10) insures building, business personal property, and personal property of others, with extensions for debris removal, preservation, and newly acquired property. Causes of loss forms are basic, broad, and special. Coinsurance of 80%, 90%, or 100% applies unless the insured buys agreed value; reporting forms (CP 13 10) use a deposit with monthly values and replace the coinsurance test with a premium adjustment after loss.
Time-element and specialty coverage
Business income and extra expense (CP 00 30) replaces lost net income and continuing expenses during the period of restoration, subject to a 72-hour waiting period. Civil authority coverage is limited - commonly four consecutive weeks - and applies when access is barred because of covered damage nearby. Equipment breakdown, builders risk, and inland marine fill gaps the property form excludes.
Commercial liability
The CGL (CG 00 01 occurrence; CG 00 02 claims-made) covers bodily injury, property damage, and personal and advertising injury, with per-occurrence, general aggregate, products-completed operations, damage to premises rented, and medical expense limits. Core exclusions: expected or intended injury, contractual liability beyond insured contracts, employer's liability, pollution, professional services, and damage to your own product or work. Umbrellas sit above and usually require a self-insured retention.
Worked example
A bakery closes 10 days after a covered fire; daily net income plus continuing expenses is $3,000. The 72-hour waiting period removes 3 days, so business income pays 7 days × $3,000 = $21,000, continuing until the period of restoration ends.
Traps
Ignoring coinsurance on a commercial building; treating a certificate as granting additional insured status; applying the per-occurrence limit to a products claim; confusing the period of restoration with the date repairs are invoiced.