Commercial Property Insurance and Inland Marine
Commercial property forms
The Building and Personal Property Coverage Form (CP 00 10) insures buildings, business personal property, and personal property of others at described locations. Key optional provisions include agreed value (suspends coinsurance), replacement cost, blanket coverage (one limit across locations), and reporting forms (premium based on reported values, with a deposit premium and possible penalty). Causes of loss forms escalate from Basic (named perils), to Broad (adds breakage, water damage), to Special (open peril, subject to exclusions).
Time-element coverage
Business income replaces lost net income plus continuing normal operating expenses during the period of restoration; extra expense pays costs to continue operations. Watch the period of restoration, the 72-hour waiting period for civil authority, and extended period of indemnity endorsements. Ordinance or law, equipment breakdown, and flood must be added separately.
Inland marine
Inland marine follows the Nationwide Marine Definition: property in transit, property of others in the insured's care, and property with a mobile or specialized character. Common forms include motor truck cargo, contractors' equipment, bailee coverage, jewelers block, fine arts, valuable papers, accounts receivable, computer/EDP, and transportation policies. These often cover "all risks" (open peril) and follow the property rather than a fixed location.
Builders risk
Covers a structure under construction, including materials, supplies, and equipment intended for the project, often with a completed value limit and soft costs.
Rule of thumb
If the property moves or belongs to someone else, think inland marine; if the loss is income continuing, think business income plus extra expense.