The following topics pertain to the Wisconsin Insurance Plan Commercial Property Program. This is a property coverage only program. You can scroll down the page to read each one or you can click and go directly to the topic.
Basic Policy Form, Coverages, and Loss Settlement Provision.
 |
Commercial Buildings - Occupied (commercial venture operating in building on a daily basis). |
|
Commercial Buildings - Vacant or unoccupied undergoing active rehabilitation. |
|
Commercial Buildings - Under Construction (Builder's Risk). Provide a copy of the section of the construction contract indicating final cost with application. |
|
Business Personal Property - For tenants operating a business in a commercial building. |
|
The combined value of the Building and Business Personal Property to be insured must have an Actual Cash Value of around $500,000 or less. |
Not eligible:
|
Properties classified as manufacturing or farms. |
|
One to four family non-owner occupied residential properties must apply for the Dwelling Property Program. Residential properties with five or more living units should use this Commercial Property program. |
We offer coverage on an Actual Cash Value basis - not Replacement Cost. We suggest the limit requested be the Actual Cash Value of the Building (not lot/land) plus an additional sum for Debris Removal / Site Restoration in the event of a total loss. We suggest the limit requested for Business Personal Property be based on the actual cash value of the property plus an additional sum for Debris Removal in the event of a total loss. For properties under rehabilitation, we suggest a limit which includes the cost of the rehab to the property.
The maximum limit on the Building and Business Personal Property coverages combined is $500,000 (State of Wisconsin rule).
BASIC POLICY FORM, COVERAGES, AND LOSS SETTLEMENT PROVISION.
The Plan uses the Insurance Services Office Standard Property Policy Form - CP 00 99. The producer may request copies of the policy forms and endorsements in use by the Plan. We may add limiting endorsements to the policy. Contact us with any questions.
Policy causes of loss (subject to the provisions of the policy):
|
Fire, lightning, and explosion, required. |
|
Extended coverage perils (wind, hail, explosion, riot, aircraft, vehicles, smoke), if requested. |
|
Vandalism or malicious mischief, if requested. |
The policy provides no Business Liability or Medical Payments to Others coverages. We do not offer these coverages in the Commercial Property Program.
Losses are primarily adjusted on an actual cash value basis (subject to the provisions of the policy).
The statements above provide only a general, brief description of the coverages provided. Please review the policy for exact information on coverage, conditions, exclusions, and other policy provisions.
Encourage your customer to read the policy!
A $500 deductible is only available where the coverage limit requested is less than $150,000. We require a minimum $1000 deductible when the coverage limit reaches $150,000 and a $2500 deductible when the coverage limit reaches $250,000. Deductibles of $5,000, $10,000, and $25,000 are available. We will require an higher deductible if the customer has an active claim history or if there are condition problems with the Building. The producer may wish to suggest a higher deductible to customers as increased deductibles lower premiums.
Our policies have a co-insurance provision. If you are unaware of what the co-insurance provision is or how it operates, we suggest you refer your client to a producer who does know. Don't call and ask us to explain co-insurance to you.
The Wisconsin Insurance Plan offers a Commercial Crime Program separate from the Commercial Property Program. The Crime Program has its own application. We must inspect the property before considering providing coverage. Therefore, we suggest application be made at least 60 days before coverage is needed. Applications for this program are not on this website. Please contact the Plan for an application( e-mail thewip@execpc.com).
Limit: Maximum of $15,000 combined for all coverages selected.
Coverages offered (subject to the provisions of the policy):
|
Inside the Premises - Robbery of a Watchperson or Burglary of Other Property. |
|
Inside the Premises - Robbery of a Custodian or Safe Burglary of Money and Securities. |
|
Outside the Premises - Robbery of Money or Securities or Robbery of Other Property. |
The basic deductible is $500. Higher deductibles are available.
There are no premium tables for our Commercial Property or Commercial Crime Programs. You may make a proper submission for a premium quote.
You may complete or print Commercial Property Program applications from our web site. Go to Applications.
You must contact us for a Commercial Crime application. Commercial Crime applications are not on this website.
You have visited www.wisinsplan.com
Most recent update: 9/12/2011
For more information, contact thewip@execpc.com
© 2001 Wisconsin Insurance Plan