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Commercial Lines Property Coverages

Property of Every Description - Provides coverage for buildings, equipment and/or stock. A locked vehicle warranty usually applies. A co-insurance penalty is invoked when the total limit of insurance at the time of a loss is less than the amount calculated by applying the co-insurance percent to the value of all property at the time of loss. The penalty applies in the event of a partial loss. Where the penalty applies, the loss payable is calculated by dividing the amount of insurance carried by the amount of insurance required to be carried and multiplying by the amount of the loss.

Contents of Every Description - Provides coverage for equipment and/or stock on a blanket basis. A Locked Vehicle Warranty usually applies. Deductible and co-insurance have been defaulted at $500 and 90% respectively, but can be overridden. A co-insurance penalty is invoked when the total limit of insurance at the time of a loss is less than the amount calculated by applying the co-insurance percent to the value of all property at the time of the loss. The penalty applies in the event of a partial loss. Where the penalty applies, the loss payable is calculated by dividing the amount of insurance carried by the amount of insurance required to be carried and multiplying by the amount of the loss.

Office Contents - Office contents of every description, kept and used by the insured (furniture, furnishings, fittings, fixtures, machinery, tools, utensils, appliances and the value blank of books of account, drawings and other records). Also includes improvements and betterments made to leased premises at the expense of the insured as tenant.

Electronic Data Processing Systems - Covers (1) electronic data processing equipment and component parts whether owned, leased, rented or under the control of the Insured and (2) active data processing media. Extra expense coverage is also provided. Sewer backup is not usually excluded. Co-insurance does not usually apply.

Valuable Papers and Records - Valuable Papers and Records means written, printed or otherwise inscribed documents and records, including books, maps, films, drawings, abstracts, deeds, mortgages and manuscripts, but does not mean money or securities. Sewer backup, flood and earthquake are not usually excluded. Co-insurance does not usually apply.

Accounts Receivable - Coverage is for all sums due from customers, provided the Insured is unable to effect collection as the direct result of loss or damage to records of accounts receivable. Also insured if necessitated by an insured loss are (1) interest charges on any loan to offset impaired collections, (2) collection expense in excess of normal and (3) other expenses when reasonably incurred by the Insured in re-establishing records of accounts receivable. Sewer backup, flood and earthquake are not usually excluded. Co-insurance does not usually apply.

Residential Condominiums - Coverage is for residential buildings registered under provincial legislation as condominiums. The policy usually includes a waiver of subrogation in favour of the unit owners (except for certain perils).

Commercial Condominiums - Coverage is for commercial buildings registered under provincial legislation as condominiums. The policy usually includes a waiver of subrogation in favour of the unit owners (except for certain perils).

Contractor’s Equipment - Covers contractors' equipment owned and the property of others of a similar nature for which the insured is legally liable including while in transit. Standard industry forms restrict coverage to Canada and the continental United States of America except Alaska. Additional acquisitions are covered for thirty days. Sewer backup, flood and earthquake are not usually excluded.

Tool Floater - Covers tools and equipment owned by the Insured and usual to the business of the Insured. The policy may include property of others for which the Insured is legally liable. Co-insurance is usually 100%. Standard industry forms restrict coverage to Canada and the continental United States of America except Alaska. A Locked Vehicle Warranty is standard. Sewer backup, flood and earthquake are not usually excluded.

Transportation Floater - Coverage placed by shippers of goods by truck (their own or public truck men), railway express or freight, air or inland waters. Covers lawful goods and merchandise owned by the insured or for which the insured has an insurable interest while being shipped. Co-insurance does not apply. Standard industry forms restrict coverage to shipments between points or places in Canada and/or the continental United States of America except Alaska. Flood and earthquake are not usually excluded.

Motor Truck Cargo (owners) - Coverage placed by businesses owning trucks used for pickup and delivery. Covers lawful goods and merchandise owned by the insured or for which the insured is responsible or sold by the insured and in course of delivery. Coverage applies while such goods and merchandise are in the custody and control of the insured but only while loaded for shipment and in transit. Coverage applies while the goods are in "scheduled vehicles" only. Substitute vehicles are covered for 30 days. Co-insurance is usually 100%. Standard industry forms restrict coverage to shipments in Canada or the continental United States of America except Alaska. Flood and earthquake are not usually excluded.

Trip Transit - Coverage placed by a shipper for the shipment of one specific lot of goods as described on the Declaration Page, for example, household goods moved from one city to another. Co-insurance is usually 100%. Standard industry forms restrict coverage to shipments in Canada and the continental United States of America except Alaska. Also, standard industry forms include coverage for flood and earthquake (except earthquake causing breakage).

Builder’s Risk - Covers the interests of the owner and contractors in (1) property in course of construction, installation, reconstruction or repair, (2) landscaping, growing trees, plants, shrubs or flowers all to enter into and form part of the project and (3) temporary buildings, scaffolding, false work, forms, hoardings, excavation, site preparation and similar work. Temporary removal of property to prevent further loss, debris removal and removal of debris blown in by windstorm are covered as extensions subject to certain limitations. Generally, contractor's tools and equipment are not covered (there are certain exceptions). Sewer backup is not usually excluded.

Installation Floater - Covers property of the insured or of others for which the insured is legally liable and which is being installed. Coverage applies while property is in transit to the installation site, during loading and unloading as well as in the course of installation until completed. Standard industry forms restrict coverage to property in transit in Canada and the continental United States of America except Alaska. Sewer backup, flood and earthquake are not usually excluded.

Bailee’s Customers - Insures property of others accepted for the performance of work or service. Coverage applies while in possession of the Insured, while located on the Insured's premises and while being transported to or from customers' premises, only if shipped via the insured's vehicles, messengers, or contract carriers. Standard industry forms restrict coverage to Canada and the continental United States of America except Alaska. Co-insurance is usually 100%. Provides for payment of the Insured's customary processing charges earned on lost or damaged goods for which claim is paid. Flood and earthquake are not usually excluded. A locked vehicle warranty usually applies.

Equipment Dealer’s Stock and Equipment - Covers agricultural and construction machinery held for sale by an equipment dealer and other stock and equipment.

Exhibition Floater - Covers property on exhibition. Standard industry forms are subject to 100% co-insurance and restrict coverage to property anywhere in Canada or the continental United States of America except Alaska. Also applies when in transit between insured's premises and an exhibition site and between exhibition sites. Sewer backup is not usually excluded.

Fine Arts Floater - Covers paintings, etchings, pictures, tapestries and other bonafide works of art such as valuable rugs, statuary, marbles, bronzes, antique furniture, rare books, antique silver, manuscripts, porcelains, rare glass and bric-a-brac. Coverage applies while at the locations stipulated in the Declarations and while in transit between those locations. Co-insurance does not usually apply. Breakage of fragile articles is excluded except if loss is caused by Named Perils. Standard industry forms provide a 10% extension for fine arts while elsewhere in Canada and the continental United States of America except Alaska. Sewer backup and flood are not usually excluded.

Signs Floater - Covers neon, automatic or mechanical signs. Co-insurance is usually 100%. Sewer backup, flood and earthquake are not usually excluded.

Miscellaneous Property Floater - Covers miscellaneous property described in the Declarations, owned by the Insured or for which the Insured may be liable. Each item scheduled is deemed to be separately insured. Coverage includes appurtenances attached to or contained in the property. Standard industry forms restrict coverage to Canada and the continental United States of America except Alaska. Co-insurance is usually 100% and applies to each item separately. Sewer backup and earthquake are not usually excluded.

Furriers Block - Covers stock, equipment and tenant's improvements of retail and wholesale furriers. Usually subject to 80% co-insurance. Goods in storage are excluded.

Furriers Customers - Covers fur garments accepted for storage or processing (cleaning, repairing or remodeling). Coverage is for the value declared by the customer and set out in a receipt issued by the insured. Coverage also applies to goods in transit.

Jeweller's Block - Covers all stock (including customer's goods) usual to the jeweller's business, including property of others held for sale, repair, and approval or on consignment. Coverage is for manufacturers, wholesalers, retailers, pawnbrokers and jobbers. Property of others is only covered to the extent of the Insured's own actual interest because of money advanced (e.g. pawn broker) or if the Insured is legally liable. Policy may also include furniture, fixtures tools and machinery. A separate limit may apply to money and securities. A detailed application is required which becomes a warranty and is attached to the policy.

Heavy Equipment in Use - Covers heavy equipment. This is a class of property established by IICC and each type of equipment within the class has its own IICC code.

Small Equipment in Use - Covers small equipment. This is a class of property established by IICC and each type of equipment within the class has its own IICC code.

Real Property - Covers real property. This is a class of property established by IICC and each type of property within the class has its own IICC code.

Other Transportation - Covers property in transit. "Transportation" is a class of property established by IICC and each type of transportation within the class has its own IICC code.

Other Bailee's Floater - Covers property held by insured as bailee. This is a class of property established by IICC and each type of bailment within the class has its own IICC code.
Installation Sales Floater- Covers insured's interest as vendor of merchandise sold on a deferred payment or installment plan or under conditional sales agreements. Coverage includes any finance company's interest. Coverage applies from the moment of sale, during delivery to the purchaser's premises and while there until all payments have been made.

Other Sales Operations - Covers leased property and salesmen's samples. This is a class of property established by IICC and each type of property within the class has its own IICC code.

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