Excess Property Insurance
For organizations with large and complex properties, standard commercial property insurance policy limits may not address the financial exposures of a potential loss due to peril. For those clients, ALIGNED is proud to offer excess property insurance to provide you with comprehensive protection for your property.
What Type of Properties can Non-Standard Property Insurance Cover?
The following are examples of clients that typically need excess property insurance coverage:
- Apartments & Condominiums
- Business & Financial Services
- Casinos
- Clinics, Medical Offices, Healthcare Facilities & Hospitals
- Communications & Telecommunications
- Educational Institutions, Schools, Colleges & Universities
- Hospitality, Hotels, Motels & Resorts
- Life Science
- Long-term Care Facilities, Assisted Living Programs, Nursing Homes
- Manufacturing
- Municipalities & Cities
- Office Buildings
- Public Entities & Utilities
- Real Estate Development & Construction Companies
- Restaurants
- Retailers
- Shopping Centers, Malls & Strip Malls
- Technology Firms
What is Excess Property Insurance and How does it Work?
Commercial Property Insurance policies will typically cover an insured whose property experiences a peril such as a fire, flooding, sewage backup, earthquake, water damage, windstorm, theft, vandalism and others.
For owners and tenants of commercial properties, this means coverage for repair or replacement costs for property such as:
- Buildings and structures
- Upgrades and renovations to rented offices and units
- Machinery, equipment and tools
- Employee property
- Office equipment such as phones, computers, printers
- Office supplies
- Furniture, desks, filing cabinets, chairs
- Stock or inventory
- Business records
- Cash, financial instruments
- Other assets
For organizations with property values that far exceed the average business or their primary insurers capacity, the costs to repair or replace their property will be greater than the limit of a standard commercial property policy.
With excess property insurance, once the underlying commercial property policy is exhausted, the excess insurance policy kicks in to cover the remaining costs of a claim.
Excess property insurance is similar to Umbrella Liability Insurance in that both types of policies are added coverage that can be applied once an underlying policy’s limits have been reached by a claim, however, Umbrella coverage can be purchased for several different policies.
Coverages Related to Excess Property Insurance
If you’re considering excess property insurance, you may also need one or more of the following coverages:
Business Interruption Insurance
Directors & Officers Insurance
Get ALIGNED with Excess Property Insurance from a Company that Specializes in Insurance for Businesses.
Commercial insurance is all we do. We’ve built relationships with Canada’s top insurance companies over the years and are able to insure clients with large and complex risks.
Contact an ALIGNED advocate to discuss the policy limits that are right for you and get a free quote on excess property insurance in minutes or get started right away by using our free online quote request tool.
