The “holi-daze” are over and as we turn the page on a new year, a time to reflect. Despite the hype around Cyber Monday and piles of Amazon shipping boxes that were delivered during the holidays, Main Street “Mercantile” businesses are definitely still a major part of the consumer landscape. Ranging from beauty salons, barber shops, delis, dental labs, department stores, dry goods dealers, electronic stores, gift shops, ice cream stores, luggage goods, medical goods supply, music stores, optical goods stores, plumbing supply, shoe stores, to sporting goods and tailors, these businesses still provide the heart and soul, even the community identify, America’s towns and, increasingly, its urban centers.
Novita Insures “Main Street USA”
Novita’s Commercial LRO program offers “Main Street” insurance designed for general businesses found in our communities. Wholesale, retail, and distributor classes of businesses that fit our underwriting guidelines and eligibility classes can be insured on the BOP or business owner’s policy. This has several advantages such as automatic coverages, available endorsements and coverage limits that are specifically underwritten to meet the needs of America’s main street businesses and the risks that they face.
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); and either mono-line or package.
Novita’s Commercial Lessor’s Risk Only policy eligibility guidelines 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.
Contact Novita Insurance Solutions; we’ll assist you in customizing a program to protect your clients financial interests to help ensure their success in building and maintaining a thriving “Main Street USA” business.