Vacant properties need additional coverage
When a property becomes vacant, the owners often wrongly assume their existing insurance policy will provide coverage during the period of vacancy. Since this is not usually the case, specific vacant building coverage is important for business owners to consider. MCM Agency has a Vacant Building product that offers broad package or monoline Property/General Liability coverage, including the ability to consider Special Cause of Loss for vacant and certain partially vacant commercial and residential properties, condo units, or rental space – with or without renovation work.
Key coverage features and limits available – Vacant Building
- Up to $5,000,000 in total property value
- Up to $1,000,000/$3,000,000 in General Liability limits
- Ability to consider Special Form and Replacement Cost coverage
- No length of vacancy restrictions
- Ability to consider locations undergoing renovation
- Policy terms of three, six, nine and 12 months available
Restricted exposures
- Swimming pools on premises
- Existing damage to the building
- Scheduled or planned demolition
MCM Agency also has a Vacant Land product that offers broad General Liability coverage for vacant land exposures with up to 1,000 acres per location. Whether a vacant city lot or a larger plot of vacant land in the country, it is important for land owners to secure adequate coverage in the event that a bodily injury occurs on their property.
Key coverage features and limits available – Vacant Land
- Up to $1,000,000/$3,000,000 in General Liability limits
- No length of vacancy restrictions
- Policy terms of three, six, nine and 12 months available
- Ability to consider an exposure of up to two lakes/ponds on premises
Restricted exposures
- Structures on premises
- Construction or other activities to take place on premises
For more information, please contact:
Mike Styba, 952-939-4539, mike.styba@mcminsurance.com
Ted Peters, 952-930-2262, ted.peters@mcminsurance.com