Difference in Conditions Insurance
Whether you own your workspace or your business owns multiple buildings, you will need insurance coverage to protect company property from hazards like fires or burst pipes. But what about the hazards that are excluded from standard policies like Commercial Property insurance? When it comes to filling the gaps in your standard insurance policy, Difference in Conditions insurance is commonly used to cover scenarios like a flood or an earthquake.
What is Difference in Conditions Insurance?
Depending on the carrier and the plan you choose for both your Commercial Property insurance plan and your Difference in Conditions insurance, Difference in Conditions insurance can be purchased as an additional policy to cover exclusions in your Commercial Property insurance, or it can be added to your standard policy as an endorsement.
Your plan will cover damages, according to the policy, from hazards such as flood, earthquake or landslide for things such as buildings, tenant improvements, stock, business property, loss of business income, rental income, or other expenses.
In addition, property in transit or property that is overseas, or business interruption claims due to a transit loss may be covered by your policy. Although it is meant to be a gap filler, there are still exclusions and it is important to discuss the specifics of your plan with your insurance broker.
Do I Need Difference in Conditions Insurance?
Businesses that need more protection than what is offered by their standard property insurance should consider a Difference in Conditions policy.
Difference in Conditions policies are good options for homeowners associations, commercial businesses that own office buildings, apartment buildings, hotels, retail stores, or buildings that house light manufacturing, as well as contractors and a variety of service and professional businesses.
How Do I Get Difference in Conditions Insurance?
Difference in Insurance is an unregulated policy, which means that every carrier has their own set of terms and regulations. This is why it’s so important to discuss your business and insurance options with a qualified insurance agent. At Fusco & Orsini, we will ensure that your policy does not conflict with your Commercial Property policy, and that it provides the coverage your business needs. Request a free quote.