Question 1

1.) What deductible options and premium discounts are available for commercial property insurance?

Accepted Answer

Commercial property insurance allows flexibility in deductibles. Typical options range from $500–$5,000 depending on carrier and property risk profile. Choosing a higher deductible can significantly reduce premium costs, but be prepared to cover that amount out of pocket in a loss event. For other ways to lower your premium, many insurers offer premium discounts based on risk-reducing features such as installing monitored fire alarms, sprinkler systems, security cameras, and panic bars. Insurers sometimes provide credits for compliance with local fire-safety ordinances or building renovations that bring structures up to modern safety standards. Customizing your deductible and exploring qualifying risk mitigators can help you strike the right balance between out‑of‑pocket exposure and low premiums.

Question 2

2.) What exclusions or limitations are in a standard policy for commercial property insurance?

Accepted Answer

Typical commercial property policies exclude damage from flood, earthquake, and sewer backup. If your property is in a coastal or flood zone (e.g. parts of Long Island, coastal New Jersey), a flood policy from the National Flood Insurance Program (NFIP) or a private insurer is highly advised. Other common limitations include mold or fungus remediation, ordinance or law clauses (coverage may be limited for rebuilding to current codes if your building must be rebuilt to higher standards like ADA compliance or energy code updates), and vacancy clauses (many insurers reduce coverage or void claims if a building remains unoccupied for more than 30–60 days).
Always read the exclusion section in your policy and consult us to help add endorsements where critical perils are missing.

Question 3

3.) Replacement Cost (RC) vs. Actual Cash Value (ACV) - which is better?

Accepted Answer

Insurance companies ask whether you want coverage on a replacement cost or actual cash value basis. RC pays the full cost to rebuild or replace damaged property with like kind and quality, with no deduction for depreciation. ACV pays replacement cost minus depreciation. RC policies are more expensive in premium but are usually the smarter choice. ACV may make sense for older equipment or surplus inventory where the premium saving outweighs the value loss. You can also do a hybrid model - RC for building, ACV for contents or aging equipment.

Question 4

4) What are the steps to filing a commercial property insurance claim and how does Lanco assist?

Accepted Answer

If a loss occurs, follow these steps: First, notify Lanco right away. The claims process can take some time, so the sooner you reach out, the faster the process can be completed. Next, mitigate further damage (e.g. cover broken windows, board up damaged areas, secure site), but avoid unnecessary repairs until the adjuster arrives. Then, document everything. Take photos and videos, keep receipts, record affected inventory/equipment and their approximate value. Later, you will meet with the adjuster to present documentation, and review depreciation, coverage limits, and timelines. Finally, review the claim draft before signing. We can review with you to ensure everything is accurate. Lanco Brokerage works with you every step — coordinating with carriers, helping expedite inspections, explaining policy language, and advocating for fair settlement so you can restore operations quickly.

Question 5

5.) What is commercial property insurance value engineering and can it save me money?

Accepted Answer

Value engineering in insurance means reviewing building construction, fire protection, and safety features to maximize insurability and minimize unnecessary costs.
Buildings constructed with fire-resistive materials such as concrete, brick, or non-combustible roofs often qualify for lower insurance rates than wood-frame or older structures. Upgrading to Class A roofing, installing sprinkler systems, and working with licensed contractors can improve your property’s underwriting classification.
Lanco Brokerage can run a risk assessment, identify modification opportunities, and connect you with contractors who may help move a property into a better rating tier — potentially reducing premiums and improving claims outcomes.

Question 6

6.) What are the different types of commercial property insurance forms?

Accepted Answer

There are three primary commercial property insurance forms - Basic, Broad, and Special. These forms determine which perils (aka causes of loss) are covered under your policy. The higher the form level, the more comprehensive the protection. Naturally, this also means premiums typically increase with broader coverage.

Question 7

7.) What does the basic form cover?

Accepted Answer

The basic form covers only specific perils that cause property loss such as fires, lightning, windstorms/hail, explosions, smoke, vandalism, aircraft or vehicle impacts, riots or civil commotions, sprinkler leakages, sinkhole collapses, and volcanic action. This form leaves significant gaps and excludes other non-named risks.

Question 8

8.) What additional risks does the broad form cover?

Accepted Answer

The broad form builds upon basic coverage by adding several additional named perils, such as burglary or glass breakage from a break-in, falling objects, weight of snow, ice, or sleet, accidental discharge or overflow of water or steam (e.g., burst pipes, sudden leaks), freezing of plumbing or HVAC systems, and collapse from hidden deterioration, construction defects, or an overloaded roof. Although broader than the basic form, it still lists only specific perils. Any risks that aren't listed don’t receive coverage.

Question 9

9.) What is special form coverage?

Accepted Answer

The special form offers the broadest protection. It’s an open-perils policy that covers all physical losses except those the policy expressly excludes. Typical exclusions include floods and earthquakes, ordinance or law upgrades, wear and tear or rust, war, nuclear hazards, intentional acts, power failure, and neglect. This form gives the most flexibility and coverage breadth, making it a preferred choice for high-risk or high-value properties in need of commercial property insurance.

propiedad comercial

¿Por Qué Necesito Un Seguro De Propiedad Comercial?

¿Qué Riesgos Cubren las Pólizas de Seguro de Propiedad Comercial?

Recursos Gubernamentales para el Seguro de Propiedad Comercial

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Preguntas Frecuentes

1.) ¿Qué opciones de deducible y descuentos en las primas están disponibles para los seguros de propiedades comerciales?

2.) ¿Qué exclusiones o limitaciones hay en una póliza estándar de seguro de propiedad comercial?

3.) Costo de reemplazo (RC) vs. Valor real en efectivo (ACV): ¿cuál es mejor?

4) ¿Cuáles son los pasos para presentar un reclamo de seguro de propiedad comercial y cómo ayuda Lanco?

5.) ¿Qué es la ingeniería de valor del seguro de propiedad comercial y puede ahorrarme dinero?

6.) ¿Cuáles son los diferentes tipos de formularios de seguro de propiedad comercial?

7.) ¿Qué cubre el formulario básico?

8.) ¿Qué riesgos adicionales cubre la forma amplia?

9.) ¿Qué es la cobertura de forma especial?

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