What does a commercial policy cover?
Protect your business enterprise against various risks such as fire, theft and work injury compensation.
Who writes commercial property in Florida?
Commercial property insurance can be written by admitted carriers and Surplus Lines carriers who are authorized to conduct business in Florida. The major difference between the two is Surplus Lines carriers are not required to file their rates and forms with the Office of Insurance Regulation for approval.
Who pays building insurance landlord or tenant UK?
No, it is the landlord's responsibility to arrange building insurance, even if they then pass on the cost to the tenant. The tenant has no insurable interest in the building, and a property cannot be insured twice by two different parties.
What is included in a commercial package policy?
A commercial package policy combines two or more coverages like commercial property and commercial general liability, business crime, equipment breakdown, inland marine, and commercial auto liability.
What is not included in a commercial package policy?
Commercial package policies can't include certain items like workers' compensation or directors-and-officers insurance. Workers' compensation insurance is required by law and must be purchased as a separate policy. Directors-and-officers policies are necessary for non-profit organizations.
What are the three main parts of the commercial package policy?
The commercial package policy (CPP) program was started by the Insurance Services Office (ISO) in 1986. Every policy includes three standard elements: the cover page, common policy conditions, and common declarations (shown in Figure 15.1 "Links between the Holistic Risk Puzzle and Commercial Insurance").
Who is responsible for insuring a commercial property?
It is the responsibility of the Landlord/Freeholder/Property Owner. A commercial tenant IS however responsible for arranging their own business insurance including cover for any of their own business contents, fixtures or fittings within the commercial property they rent.
Do you need a license to do commercial real estate in Florida?
Commercial real estate in Florida can be sold by any licensed real estate sales associate. Individuals who wish to obtain a commercial real estate license in Florida must first attend and successfully complete real estate training through one of the approved real estate schools in the state.