Last week, in Part 1 of this two article series, Novita looked at risks and exposures for Strip Mall and Shopping Center owners. Being the owner of a shopping center or strip mall can be an excellent investment; it’s also a responsibility. This week, in Part 2, we examine commercial property insurance to address those exposures.
Commercial Property Insurance for Strip Mall & Shopping Center owners
Next to commercial general liability insurance, property insurance is the most important coverage for strip mall and shopping center owners. This type of coverage protects the property, including the buildings on it, the signage, the landscaping, the sidewalks, the parking lots, and the garages.
If any of these elements of your property are damaged as a result of a fire, a weather-related incident, vandalism, or any other type of destruction, a commercial property insurance policy provides protection. It covers the costs of repairing and replacing damaged property so that your client doesn’t have to pay for it out of their own pocket.
Novita Insurance Solutions has insurance for that!
Coverages available from Novita include Property Coverage with no coinsurance and three-tiered coverage – base policy, gold and platinum endorsements; individual policy; multiple loss settlement provisions (i.e., extended replacement cost of 125%; replacement cost, 100% to value; actual cash value, etc.; see our coverage overview for more information); mono-line or package. And our General Liability (GL) limits span from $1M to $5M excess liability.
Novita can often work with owners of older buildings; new purchases; vacant new construction, where leasing is currently in progress; low occupancy buildings, with additional underwriting requirements; and structures with aluminum wiring using COPALUM (gas sealed cold-weld) or CO/ALR (gas sealed using indium);
Novita’s Commercial Lessor’s Risk Only policy eligibility guidelines for Shopping Centers and Strip Malls includes up to $20 million TIV per location (we can go higher by request to the underwriter); fire protection classes 1-6; 5-year carrier loss runs; sprinklered, if over three stories high; no age restrictions on building, if there have been major building systems updates; and considers all ISO building construction types. Novita’s GL
Contact Novita Insurance Solutions; we’ll assist you in customizing an LRO program to protect your client’s financial interests as an owner of a shopping center or strip mall.