Posts Tagged ' stock'

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How Much Commercial Building and Equipment Coverage Should I Have?

Written by on 6/21/2018 5:57 AM in , , , , , , , , . It has 0 Comments.

At some point in time as a business owner you have had to decide how much insurance coverage you feel you need on buildings, equipment or stock that you own or are responsible for.  Hopefully the following will help you make an informed decision. Most property insurance polices contain a “Co-Insurance Clause”.  The word in essence means that both parties, yourself and the insurance company can become partners in payment of an insured loss.  Most insurance claims to buildings, equipment or stock tend to be partial losses and not total losses and an insurance company needs to collect enough in premiums to cover all losses and expenses.  It is impossible to know who is going to have a partial loss verses a total loss, so to stop businesses from only insuring a portion of the value of a given building, equipment or stock a “Co-Insurance” penalty is contained in the contract wording.  In simple terms this clause states that insured losses are settled on the basis o ...