What type of coverage is often overlooked for strip center businesses?
Ordinance or Law – This insurance can protect you if your building is ordered to be torn down and rebuilt to code after a loss. Many times, extra expenses are involved that cannot be accounted for when your building is valued. This coverage will not only pay for the damage to your existing building, but also for the undamaged portion that is to be torn down, the demolition costs and the removal of the debris. Debris Removal – Hauling away steel and concrete after a disaster can add up quickly. Most property insurance policies include a limited amount of debris removal coverage. Higher limits are available through Debris Removal Coverage. Equipment Breakdown coverage – Strip centers typically have expensive equipment like large boilers and heating and air conditioning equipment. If they break down, the replacement is costly. Most insurance companies automatically include this coverage but some require that it is separately added. Make sure you ask your agent about this coverage. Flood i
