Commercial Package Policy

Commercial real estate refers to retail properties, office buildings, shopping centers, hotels, warehouses, manufacturing facilities, apartment complexes - and vacant land that has the potential for development for these types of buildings. In short, almost any kind of real estate except single-family home and single-family lots can be regarded as commercial real estate.

There are three general types of property that may be covered:

Building: If an insurance policy covers a building, it means the structure described in the declarations. Coverage is included for: permanently installed fixtures, machinery and equipment; outdoor fixtures; personal property to service the premises (including fire extinguishers), outdoor equipment, floor coverings, refrigerating, ventilating, cooking, dishwashing and laundering appliances. If not covered otherwise, a "building" includes additions under construction, alterations, and repairs, including materials, equipment, supplies and temporary structures on or within 100 feet of the premises.

Your Business Personal Property: Property included is furniture, fixtures, machinery, equipment, stock, other owned personal property used in the business, value of labor, materials or services on personal property of others. If the insured happens to be a tenant, improvements and betterments (meaning fixtures, alterations, installations or additions to the building, not legally subject to removal, made or acquired at the insured's expense). Such property is covered while it is in the building or within at least 100 feet of the premises if it is in the open or in a vehicle.

Personal Property of Others: Personal Property of Others includes property owned by others but in yours care, custody or control, while it is located as described above for Your Business Personal Property.