Specialty Property Insurance
Specialty property insurance addresses commercial real estate that admitted carriers decline or rate prohibitively: vacant buildings awaiting renovation, historic structures, buildings in high-risk zones (brush fire, flood, earthquake), unusual construction types (geodesic, converted industrial), an…
Key Coverages for Specialty Property Businesses
- Building coverage at replacement cost or agreed value
- Vacancy permits and extended vacancy endorsements
- Builders risk endorsements during renovation
- Ordinance or law coverage for code-upgrade costs after a loss
- Earthquake and flood for properties in hazard zones
- Business income from dependent properties
Frequently Asked Questions
What is an E&S market and when do I need one?
E&S (excess and surplus lines) carriers are not admitted in the state but are licensed to write risks admitted markets decline. You need an E&S market when your property is vacant, in a high-hazard zone, has unusual construction, or has prior losses …
Does a standard commercial property policy cover a vacant building?
Standard policies contain vacancy clauses that reduce or eliminate coverage if a building is vacant beyond 30–60 days. After the vacancy period, fire, vandalism, and sprinkler leakage coverage are typically suspended. Vacancy permits or specialty vac…