Your Questions About Commercial Property Insurance

answers:

YOU NEED TO TAKE FIRE AND SPECIAL PERILS POLICY FOR YOUR BUILDING AND A SEPARATE LIABILITY POLICY.
FIRE POLICY IS AN AGREED VALUE POLICY. YOU FIX THE AMOUNT WHICH YOU FEEL IS NEEDED EITHER TO REBUILD THE PROPERTY AS IT IS NOW ( COST OF REMOVAL OF DEBRIS IS COVERED FREE) OR THE MARKET VALUE OF IT TODAY. TO CATER FOR INFLATION OF MATERIALS YOU MAY ADD 10% TO ITS PRESENT VALUE AND INSURE FOR THE SAME. IF YOU INSURE FOR MORE VALUE IT WILL BE SEEN AS A WAY TO EARN OUT OF A CALAMITY AND IT IS NOT IN THE SPIRIT OF INSURANCE. GOOD LUCK

V BALAJI
TRICHY TAMILNADU INDIA

answers:

Allstate will write up to 15 landlord policies per policyholder, b4 switching to commercial.

Any type of commercial insurance is expensive, I’d avoid it if possible.

answers:

Yes – and it’s not about surplus lines, either.

I think they’re trying to verify that the replacement materials were purchased, and labor was charged to install them.

The question is a bit vague, though, and I can’t figure out how “forum for commercial property insurance” ties into a claim issue.

answers:

The answer depends on what type of property it is. I recommend you contact an independent insurance agent and discuss it with him or her. An independent agent represents numerous companies and with an unique circumstance like you have, they will have options with the different companies. There will be no obligation and they will be able to provide you with the correct answer when they have the details.

answers:

Commissions are all about the same, except for workers comp which stinks for the work you have to put into it.

The big key is, finding a niche where you ALSO have a market happy to write it. Many carriers won’t touch a hotel/motel. Many won’t do gas stations. Pizza shops are too small, manufacturers can be high hazard. Printers are high fire hazard. Governmental entities are hard to place, and there’s extreme competition, plus they get shopped out every year.

It’s hard for someone ELSE to suggest a niche market that you can work in. What has worked for ME, is the video/televison production area. LOL DON’T ask me to share my markets with you!! You’ll have to dig up your own, and build your OWN relationships with the underwriters.

answers:

I am a commercial real estate broker.

You pay the taxes, insurance and CAM, but you collect from the Lessee a fee commonly referred to as “pass thru costs” and set that on a per foot basis. If they occupy 500 SF and the pass thru runs $3.00 PSF, then they pay $1500.00 annual figure divided by 12 to get monthly, which is in addition to the rent.

The Lessee typically secures their own Tenant Policy which covers their personal property and a liability portion that covers their customers, clients, employees and/or visitors in the event of an accident. It is your responsibility to insure the facilities and improvements per your lender requirements.

Should you wish to secure a quality commercial broker, I have contacts all over the US and likely one in your area that I can have contact you to get your property leased with a quality tenant.

Your experience is typical when the inexperienced try to do their own leasing. Usually it is best to have a management firm do all this for a percent fee portion of the rental income. Usually if you set aside the brokerage fee that you saved by doing the deal yourself you will still have insufficient funds to pay for the loss you experienced in vacancy time or other issues. The cost of a quality broker that is insured and could have avoided this situation in the first place is priceless.

answers:

How do you define ‘best’? Someone who starts out as a claims analyst, can end up running the company.

But the BEST one, is usually finding a position you LOVE doing.

answers:

Usually yes, as your business id the biggest threat. Read your lease for details, it should be specified in it.

answers:

Well, you don’t ask a question, but I’ll tell you you’re probably better off consulting a public adjuster, before you hire an attorney.