Commercial property insurance protects commercial property from fire, theft, and natural disasters. As an example, businesses from manufacturers and retailers to service-oriented businesses and nonprofit organizations carry commercial property insurance. Business owners should do their due diligence to ensure they have determined asset inventory. This information combined with how much the company is willing to pay for commercial property insurance and the value of the assets, including the building, will help determine replacement value and level of coverage needed to keep the business secure.
Business interruption insurance helps protect against lost income due to covered hazards listed in your business owner’s policy. Covered risks typically include theft, fire, wind, falling objects and lightning. This coverage may help reimburse the business for lost income from stolen or destroyed merchandise, minus any expenses that would have already been paid, such as shipping. The policy could include coverage for:
- Rent/lease payments
- Employee wages
- Loan Payments
Crime is a serious threat to businesses. Whether you are victimized by internal or external acts of crime, the business owner or manager has to assume the responsibility for money, data, or properties that were stolen. Crime insurance can protect your business from both first-party risks and third-party accusations of a crime arising from your business. First-party coverage is insurance for direct losses to the business from a covered criminal act. Third-party coverage is for accusations from others that a criminal act related to your business caused by a loss. A common circumstance is an accusation of theft by your employee of another’s property. A commercial crime insurance policy typically provides several different types of crime coverage, such as employee dishonesty coverage; forgery or alteration coverage; computer fraud coverage; funds transfer fraud coverage; kidnap, ransom, or extortion coverage; money and securities coverage; and money orders and counterfeit money coverage. Crime insurance enables you to recover from losses caused by criminal acts which are not covered by other insurance plans.
Bond insurance, also known as financial guaranty insurance, is an insurance that a bond issuer purchases to guarantee the repayment of the principal and all associated interest payments to the bondholders in the event of default. Bond issuers buy insurance to enhance their credit rating in order to reduce the amount of interest that it needs to pay. The more risk an insurer has, the lower the credit rating. This results in a higher yield that investors expect in debt security. Such issuers are faced with a higher cost of borrowing than companies that are estimated to be stable and have lower risk. To obtain a more favorable rating and attract more investors, companies may undergo a formal credit enhancement.
Credit risk insurance sellers against buyers who do not or cannot pay. The seller is insured against buyers who declare bankruptcy or delay payments under a bankruptcy protection arrangement. Many insurance arrangements, especially finite risk programs, also involve varying degrees of credit risk depending on the financial stability of associated parties.
From a single engine aircraft to large jet, managing a flight department can be a daunting affair. Modern Insurance Partners can guide you through the process of insuring your corporate aircraft with insurance companies A.M. Best rated “A” or better. Whether you are in the air or on the ground, Modern Insurance Partners is at the forefront of aviation insurance and is able to provide the full spectrum of solutions to help minimize your aviation risk.
Ocean marine insurance includes a variety of coverage options designed to protect merchandise, goods, workers, passengers, and crews aboard shipping vessels and cargo storage during ocean transport, both domestically and abroad. Coverage can also include stages of an ocean marine shipment including land or air transportation connected to marine shipment. Ocean marine encompasses a broad selection of insurance coverages. This includes Hull and Machinery insurance, Marine General Liability insurance, Ocean Cargo insurance, Protection and Indemnity policies, and Monoline Legal Liability policies.
Commercial inland marine coverage insures property in transit over land, including movable property, means of transportation (i.e. bridge, road, pier), means of communication (i.e. radio towers), and property owned by others in the possession of the policyholder or located on the premises of the policyholder. Inland marine covers property on land and was developed as an offshoot of ocean marine coverage. Originally, insurance companies offered “ocean marine” insurance to protect owners from losses of goods shipped by water in the event the ship sunk or was seized by pirates. Over time, individuals and businesses began shipping cargo beyond major port cities and required protection from losses of goods while in transit over land. The creating of inland marine insurance allowed agencies to begin offering protection for the goods shipped outside of the major bodies of water and port cities. Today, inland marine insurance provides coverage for a broad range of types of property in transit and onsite.