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April 2016

Vacant Building and Vacant Land products

When property becomes vacant, owners may assume their existing insurance policy provides coverage during the period of vacancy. However, this is not usually the case and proper coverage may require specific vacant building coverage. The MCM Insurance 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 million in total property values

• 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 or nine months available

Restricted exposures

• Swimming pools on premises

• Existing damage to the building

• Scheduled or planned demolition

The MCM Insurance 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 landowners 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 or nine months also available

• Ability to consider an exposure of 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

For the vacant building/land application, click here, or visit the Resources page on the MCM Insurance Agency website. The MCM Insurance Agency page can be accessed through your Agents-Only website.