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Commercial Property Insurance: How Much Coverage Do You Really Have?
Commercial property insurance is an essential form of protection for any business that owns or leases property. Like most insurance policies, commercial property policies are subject to coverage limits setting forth the maximum amount the insurer(s) are contractually obligated to pay. While in many cases involving a substantial property loss the applicable policy limit is clear, in some cases it is not, and the amount to which the policyholder is entitled is governed by a confluence of policy provisions informed by applicable state law.
For purposes of our discussion, assume a policyholder owns a building that suffered a near-total covered loss. Assume the policyholder holds a commercial property policy insuring multiple separate properties with an aggregate policy limit of $100 million. Finally, assume the damaged building has a "scheduled" value of $10 million based on a schedule of values on file with the insurer, a market value of $15 million, and that repairs necessary to return the building to its pre-loss condition will cost $20 million. Whether the policyholder is entitled to recover $20 million, $15 million, $10 million (or some number in between) depends on the type of policy at issue and the interaction of loss payment (or loss-settlement), valuation and like provisions governing the extent of the insurer's liability. Examples of those policies and provisions are discussed below
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