Property questions
Read the conditions before the renewal date.
Use these questions to identify what needs a closer look in your building’s insurance file.
Which building value belongs in the review?
Bring the current insured value and how it was established. A rebuilding estimate, market appraisal, and loan balance answer different questions. The policy’s valuation and coinsurance terms need to be read against the value used in the submission.
Does interruption insurance replace every missed rent payment?
No. Rental-value coverage depends on its insured event and policy conditions. Tenant nonpayment or an ordinary leasing gap does not become a covered interruption simply because rent is lost.
Where does ordinance or law coverage fit?
It addresses specified costs associated with enforcement of building requirements following a covered loss, when included. Review the wording for undamaged portions, demolition, and increased construction costs, together with each applicable limit.
Can an umbrella fill an exclusion in the property policy?
A commercial umbrella is a liability layer, not an additional building-damage limit. Its response depends on the scheduled underlying liability insurance and its own exclusions and retained-limit provisions.
Is the manager’s work insured by the owner’s property policy?
Do not assume it is. Ownership coverage and management-services exposures are different subjects. Review the management agreement and the manager’s separate insurance, including any need to address professional liability or client funds.
What changes should be raised before renewal?
Flag acquisitions, ownership changes, revised tenant use, vacancies, renovations, and material changes to rent or building values. Keep a dated change list so the submission can be checked against current operations.