This is a policy that provides coverage for a commercial structure that is owned or rented. The policy can also cover equipment, machinery, etc., inside the building. It is used as a standalone policy in conjunction with a casualty (liability) policy and generally covers higher limits and exposures.
For example, a property insurance policy may be used to cover condo or co-op buildings in the city. This “master policy” will cover the structure, building machinery, and all common areas. The units themselves are generally insured by the owner or tenant.
All businesses that own their unit, floor, or building must have a commercial property policy. JWA has deep experience in dealing with commercial real estate and has access to the relevant markets to make the commercial property buyer comfortable in this challenging space.