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Property
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Property – insures the real property, such as the building that you
own and business personal property such as desks, chairs, computers, etc.
from a variety of exposures such as fire, theft, vandalism, etc.
• If you need to insure equipment, this
may be done under
coverage
known as
equipment floaters/inland marine
policies, all of which fall under
the
category of property insurance.
• Also under the Property insurance, are
coverages known as Business
Income or
Business Interruption and Extra Expense.
•
Business Income – this coverage pays a
business for its normal,
continuing
operating expenses in the event of a
covered loss which caused
the business
to close temporarily.
• For example, salaries, mortgage or rent
payments, business loans,
insurance
premiums
Extra
Expense – this pays the extra expenses of renting a new location, renting
equipment, furniture, etc for use at the temporary location until your
office is available, provided that the loss was a covered loss.
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