When it comes to Business Insurance, it's important to remember some things are not covered or excluded. The Business Personal Property (BPP) Form lists seventeen categories of property that are not covered. Below is a list. Some of these categories can be covered by the Additional Covered Property endorsement (CP 14 10) or some other policy. The exception would be for land, water, and contraband.
There are several reasons for excluding some kinds of property. The obvious one would be, it may be illegal to insure some kinds of property, such as narcotics being held for sale outside of normal medical channels. Another reason, some kinds of property are excluded from coverage under the commercial property policy because they can be insured more advantageously under other coverage. Automobiles and aircraft are examples of such property.
Property Not covered
a. Accounts, bills, currency, food stamps, or other evidences of debt, money, notes, or securities
c. Automobiles held for sale
d. Bridges, roadways, walks, patios, or other paved surfaces
e. Contraband, or property in the course of illegal transportation or trade
f. Cost of excavations, grading, backfilling, or filling
g. Foundations, of buildings, structures, machinery, or boilers
h. Land, including the land on which the property is located, water, growing crops, or lawns
i. Personal property while airborne or waterborne
j. Bulkheads, pilings, piers, wharves, or docks
k. Property more specifically described in another coverage form
l. Retaining walls, unless the retaining wall is part of the building
m. Underground pipes, flues, or drains
n. Electronic data and
o. Cost to replace or restore
p. Vehicles or self-propelled machines
q. Property while outside of buildings
If you need coverage for one of the above, it's important to reach out to an agent. As I mentioned earlier, there are endorsements or other policies that we can put in place to fill gaps in coverage. For example Electronic Data, this is important to many businesses now and there are policies available to get your business covered. If you have any questions about Property not Covered, or anything pertaining to Business Insurance, feel free to contact me.
Commercial Insurance Agent