Business Insurance

Property Coverages
BUILDING includes the building or structure itself as well as inside and outside fixtures, permanently installed machinery and equipment, and equipment used to service the building. This includes refrigeration, cleaning, cooking and other equipment.

BUILDERS RISK COVERAGE indemnifies for loss or damage to a building under construction from the causes of loss that apply. This basic coverage form is a completed value form. This means the estimated final value of a covered building determines the amount of insurance carried. The form may be modified to a reporting form basis. This is where the amount of insurance is adjusted throughout the course of construction based on the monthly reports of value submitted by the insured to the insurance company.

BUSINESS PERSONAL PROPERTY includes furniture and fixtures, machinery and equipment, stock and other personal property owned by the insured and used in the business. It also includes labor, materials or services furnished or arranged by the insured on personal property of others, use interest of the insured as a tenant in improvements and betterments made to the premises, and leased personal property for which the insured is contractually responsible to provide coverage.

BUSINESS INCOME WITH EXTRA EXPENSE COVERAGE reimburses an insured for the sum of the net income that would have been earned plus its continuing expenses for the length of time needed to repair property following a covered cause of loss. The approach is in line with generally accepted accounting practices. The coinsurance clause in the form applies to the 12 months after policy inception. Loss of rental income can also be covered by this form. The rental value exposure is usually associated with a building owner. However, there are cases where it may also be significant for a lessee with a lease that requires continued rent payments after a covered cause of loss causes the insured building to be unusable.

contact us

Anchor Agency, Inc.
Pioneer Plaza
652 Albany Shaker Road
Albany, NY 12211

Phone - 518.730.3200
Fax - 518.730.3199
Email -
The Hartford