[h4]Business Property Insurance FAQ:[/h4]
[slide name=”What is a peril?”]A peril is the cause of a possible loss (examples include fires or windstorms).
[slide name=”What is Business Income Coverage (Time Element)?”]Business Income Coverage provides coverage for loss of earnings and ongoing expenses when operations are curtailed or suspended due to property damage resulting from a covered cause of loss.
[slide name=”Should I purchase special coverage for my computer equipment?”]Electronic Data Processing (EDP) equipment can be covered as unscheduled business personal property in “commercial property” forms such as the building and personal property coverage. An EDP equipment floater can provide added benefits. Many EDP floaters cover special perils such as mechanical or electrical breakdown and typically cover property in transit.
[slide name=”What is co-insurance?”]In property insurance, co-insurance is a clause under which the insured shares in losses to the extent that he/she is under-insured at the time of a loss. You may have heard of co-insurance relative to health insurance; this is a provision in which the insured and the insurance company will share covered losses in an agreed proportion.