The owner of a commercial building needs to insure his property. The specifics of the necessary insurance can vary according to the type of building. Hospitals, apartment buildings, department stores and office high rises all have different coverage requirements.

Named Peril

Some commercial insurance only covers structure; other insurance covers the inventory inside. More extensive policies cover for personal injury or death and injury within the premises.

A “named peril” policy covers only those risks named in the contract. It might cover only fire and theft but exclude all other risks.

All Risk Policy

An “all risk” policy, on the other hand, covers all hazards except those specifically excluded. When purchasing commercial insurance, it is important to understand what loss is covered.

Apartment Buildings

An apartment building needs coverage for the building’s structure, but the owner will want liability coverage for injury to tenants and their guests. The owner may be responsible for damage to an attached parking lot, as well.

Retail Premises

The owner of a strip mall needs to be concerned about more than simple building damage. There are the common areas to consider. What happens if a store sign falls on a customer? Who is responsible in the event of a fight between customers? Is special glass insurance necessary to cover damage to the windows of store fronts?

Hospitals

Hospitals have special insurance needs. In addition to damage to building and expensive equipment, any policy must provide for liability in the event of a malpractice suit or injury to a patient or visitor and accidents involving the hospital’s ambulances while off-premises.

Office Buildings

The owner of an office building has concerns that go beyond structural damage and general liability. He might consider accounts receivable insurance coverage, which provides coverage in the event records are destroyed and the company cannot collect on its bills. Crime insurance offers protection against loss from a burglary.

Vacant Property

While a vacant building does not appear to require more than basic coverage, the opposite is the case. Vacant buildings can become the site of criminal activity, and the owner is responsible for physical injuries sustained on the premises, including injuries to unauthorized intruders. Vacant buildings also represent a high fire risk. An average of 15,000 fires occur each year in vacant buildings.

Regardless of the type of building, adequate commercial insurance protection can help avoid financial disaster.

Like traditional home owners insurance, purchasing a mobile home insurance policy is a necessary but often daunting task. Before signing on the dotted line here are some facts and tips you need to know to make the best possible choice for your needs.

• Mobile home insurance, in many ways, is comparable to a traditional home owners policy. Both types of insurance cover damage to the structure due to fire, storms, vandalism and floods caused by plumbing problems. Both types of policies include coverage for personal belongings, although it is recommended that any homeowner insure more valuable property separately. Liability is covered in the unfortunate event that someone is injured while visiting your home. Attached and detached structures on the property are often included in such policies as well.
• Despite similarities, mobile homes differ from site-built homes in a number of ways. Since mobile homes are, well, mobile, it is important to insure the home against accidents and damages that may occur during transportation. Mobile homes, like automobiles, depreciate over time. As such, mobile home insurance policies – in the event the home is completely destroyed – offer the choice of full replacement coverage that allows you to purchase a new mobile home, or actual cash value coverage which pays out cash based on the depreciated value of your home.
• Make sure you read the fine print in any policy before you sign. Unique to the world of mobile home insurance is the fact that many insurance companies define “mobile” and “manufactured” differently. These differences can greatly alter your actual coverage. Also, because of the depreciative nature of mobile homes, many policies will greatly limit coverage if the home is older. It probably goes without saying that, of course, the definition of “older” varies from one company to the next. Buyers also need to note if – and to what extent – attached and detached property is covered.
• There are a large number of companies offering mobile home insurance, so shop around and take advantage of discounts. Senior discounts and discounts for multiple coverage (car and home, for example) are the most common. Many insurance companies also offer a discount if you are the original owner of the mobile home. Discounts are often available if the home was built using certain fire-resistant materials and if you have an activated and continuously monitored security system.

Armed with these facts and tips, you should have no problem finding the perfect mobile home insurance policy for your needs.

Holiday home or second home insurance policies are tailored to meet the specific needs of holiday home owners. The holiday home requires special coverage for times that it is unoccupied, used by the owner or other family, occupied by friends and commercially let. Finding a suitable policy can be difficult and expensive due to the numerous risks associated with a holiday home. Most insurers consider the holiday home a higher insurance risk than a primary residence.

When shopping for a policy, it would be wise to ask the agent for a holiday home insurance handbook, which clearly outlines the cover as well as exclusions and limitations. Security and un-occupancy requirements may state the property needs to be checked weekly, and will not remain unoccupied for more than thirty days. The insurer may also require that the heating system be drained and the water, power and heating system be turned off if the home is left unoccupied.

The holiday home insurance handbook will outline the benefits of the building and contents insurance, and may include public liability coverage, employer liability, accidental damage to contents, accidental damage caused by guests, loss of pre-booked rental income and cost or alternative accommodations, and swimming pool insurance including liability.

Holiday home insurance should cover buildings and contents. The policy handbook will list the buildings cover separately from the contents cover. Buildings insurance covers may include frost damage to water tanks and plumbing, glass breakage, accidental damage to underground plumbing and water supplies and electric or telephone cables, debris removal, and increased water charges following an escape of water.

Common contents insurance covers everything you would take with you as well as general contents including furniture, furnishings and electronics that may be damaged or lost due to fire, storm, flood or theft. Most contents insurance will not cover personal valuables such as jewellery. These items should be covered under the main household policy or travel insurance.

It is important to be familiarized with the covers, restrictions, exclusions and limitations outlined in the holiday home insurance handbook. Unfortunate events occur. Long periods of un-occupancy, freezing pipes in the winter, accidental damage caused by guests, injuries to caretakers and domestic staff, fire, storms and theft leave the holiday home at risk. If the homeowner has not complied with the requirements of the insurer, the cover may be invalid.