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 Certainly one of the most important assets of new to Texas business owners is the Commercial Property owned by the insured.  Texas offers a vast number of devastating perils such as Hurricanes, Tornadoes, Lightning Strikes, Wild Fires, Blizzards, Hail and other Storm perils such as Wind and Wind Driven Rain. Texas businesses must also understand there are certain exclusions such as Flood, Earth Movement, insect, rodent, war, terrorism and nuclear disaster that are commonly excluded. Due to the diversity of businesses the business owner should seek specific coverage for the needs of the individual business.

Texas Commercial Property Forms

a.       The Texas Commercial Property Basic Form Policy covers the business owners property against what is normally referred to as common risks. These consist of but are not limited to Fire, Lightning, Wind and damage from collisions with vehicles and in some cases civil commotion.

b.      The Texas Commercial Property Broad Form Policy normally covers all common risks and additionally covers water damages for an example occurring from plumbing, heating and air conditioning systems, sprinkler systems and damages that can occur from the weight of ice, snow and sleet.

c.       The Texas Commercial Property Special Form Policy will normally cover all perils except those specifically otherwise excluded.  These exclusions will almost always include flood, earth movement, war, terrorism, nuclear disaster, wear and tear, and insects and vermin.

d.      Texas Commercial Property business owner located in the Gulf Coast region may find that Tropical Cyclone and or Windstorm coverage has been excluded. This coverage can be obtain thru the Texas Windstorm Insurance Association by licensed Texas Property and Casualty Agents.

e.      Texas Commercial Property Insurance insured must be certain they clearly understand the difference between Replacement Cost coverage and Actual Cash Value coverage. The coverage difference should be defined in detail by the insurance carrier’s representative regarding each specific policy, however for overall simplicity Actual Cash Value coverage will insure the insured’s for replacement cost less depreciation due to wear and tear and age. Replacement Cost coverage will replace the insured’s property by indemnifying the insured with like, kind and quality up to the policy limit. Certainly replacement cost coverage lessens the insured’s out of pocket exposure tremendously.

f.        Texas Commercial Property Policies can differ greatly from carrier to carrier, hence it is essential to review the policy forms with the representing agent prior to purchase.





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