The Standard Property Policy: An Alternative for Buildings That Are Not Covered by a Commercial Package Policy

The Commercial Package Policy (CPP) may not be available because of your building's size, age, construction, or contents. Fortunately, there is an alternative.

The CPP is popular, but you’re not out of luck if it doesn’t apply to you. The Standard Property Policy (SPP) may be the right choice for you and your building.

Besides commercial buildings, the SPP also covers completed building additions, property used for maintaining or servicing the building (such as mowing or painting equipment), permanent fixtures (such as permanent shelving), and machinery. The SPP also covers material meant for construction or repairs to a covered building.

The SPP can be used to cover furniture, fixtures that aren't permanently attached, machinery, equipment, stock, materials, and even property that you lease or that belongs to a building (business) tenant. Further, you also have coverage for personal property of others that is under your care, or on or near your insured building.

Some types of property are excluded. The SPP doesn't cover money, securities, deeds, and similar property. Further, there's no coverage for animals, illegal goods, parts of the building that are below the ground, cost of digging or excavating, property being transported by sea or air, or property that's insured by another policy. Most other items that are not covered by an SPP fall into the categories of outdoor structures that are beyond the scope of the SPP or items that should be covered by other types of policies.

The coverage provided by the SPP takes care of losses from basic sources such as fire, lightning, and certain kinds of explosions. Further, you have the option of adding coverage for damage caused by wind, hail, smoke, aircraft, vehicles, hostile mobs, sinkholes, leaky sprinklers, and volcanoes. The policy even offers several additional coverages to take care of your expense to remove debris, protect property, take care of pollutants or handle a fire department charging you to make a fire run.

If you have a commercial building, then you have the need for protection. Talk to an insurance professional at Williams Insurance to see if the SPP is a good way to protect your property.