With a commercial property policy, three types of property are covered: the building, your business personal property and the personal property of others.
Business Personal Property
Business personal property coverage includes, but is not limited to, furniture and fixtures, machinery and equipment, stock, all other personal property owned and used in the business, labor, materials or services furnished or arranged on personal property of others, and leased personal property that an owner has a contractual responsibility to insure.
Personal Property of Others
Personal property of others coverage provides protection for owners who ordinarily hold property for the benefit of both parties, such as dry cleaners or processing firms. If the property being held is damaged or destroyed, protection is available, subject to policy terms.
Businesses that use land or air transportation to move goods need inland marine insurance coverage for property that is mobile, involved in communication or transportation, or in the temporary custody of others. If those products are damaged or destroyed while in transit, the inland marine policy protects the business from financial loss.
Commercial Output Program
EMC’s Commercial Output Program (COP) is for medium- and large-size commercial businesses with multiple locations and the need for inland marine coverage. The COP provides broader eligibility and extended coverages for manufacturing, institutional, industrial and retail/mercantile operations, with coverage tailored to each business’s unique operations. By using a flexible rating approach designed for the size of business, EMC can offer quality coverage at reasonable rates.