Commercial property markets
for risks of every size

Commercial property insurance protects a business's covered buildings, contents, equipment, inventory, and income against direct physical loss or damage caused by covered perils. It responds to losses like fire, wind, and many other causes of loss, subject to the policy's terms, limits, deductibles, and exclusions. Greenwood General places it wholesale for retail agents and brokers, from smaller single-location accounts to large catastrophe-exposed schedules.

A commercial property policy generally covers the insured building and permanently installed property, business personal property such as contents and equipment, and — where added — business income and extra expense following a covered loss. Coverage can be written on a Special (all-risk) or named-peril basis, valued at replacement cost or actual cash value, with a range of optional enhancements. What actually applies depends on the policy form, occupancy, location, and requested perils.

Business personal property (BPP) covers qualifying contents the business owns or is responsible for — furniture, fixtures, equipment, machinery, inventory, and stock — against covered causes of loss. It is distinct from building coverage, and tenants often insure BPP and tenant improvements even when they do not own the building. Limits, valuation, and covered property vary by policy and occupancy.

Business income coverage may help replace income the business loses, and pay necessary extra expense, while operations are interrupted by a covered property loss. It requires a covered cause of loss and is subject to the policy's period of restoration, waiting period, and any coinsurance or limit. Because it responds to a covered property event, the underlying property coverage and valuation drive how it applies.

Replacement cost values a covered loss at the cost to repair or replace with like kind and quality, without deduction for depreciation, subject to policy terms. Actual cash value (ACV) reflects replacement cost minus depreciation. Replacement cost generally provides broader recovery, while ACV may apply to older buildings, certain roofs, or by market. The valuation basis is confirmed on the quoted form and affects both premium and claim payment.

Coinsurance is a policy condition requiring the insured to carry a limit equal to a stated percentage of the property's value. If the limit falls below that percentage at the time of loss, a coinsurance penalty can reduce the claim payment. Agreed value can suspend the coinsurance condition when values are documented. Accurate statements of value help avoid coinsurance shortfalls.

Agreed value is an option under which the insurer and insured agree on the property's value in advance, suspending the coinsurance condition for the policy term. It typically requires a signed statement of values and can protect against a coinsurance penalty at claim time. Availability and requirements vary by market and occupancy.

Generally, not automatically. Standard commercial property forms usually exclude flood, so flood coverage or a sublimit is typically added by endorsement or written separately, depending on the flood zone, elevation, construction, and market. Coastal and flood-exposed accounts should disclose the flood zone and elevation so underwriting can confirm what is available.

Generally, not automatically. Earthquake is usually excluded from standard property forms and added by endorsement or written separately where available, subject to territory, construction, and catastrophe capacity. Earthquake sprinkler leakage may be treated separately. Disclose the earthquake zone so underwriting can confirm whether coverage or a sublimit is available.

It depends on the market and location. Wind and hail may be included, excluded, sublimited, or written on a wind-only or named-storm basis, and catastrophe capacity is subject to availability. Coastal and wind-exposed accounts often carry separate wind deductibles. Confirm how wind and named storm are structured, and any percentage deductible, on the quoted form.

Ordinance or Law coverage may address increased costs after a covered loss when current building codes require upgraded materials or methods, or when undamaged portions must be demolished and rebuilt. Standard property forms limit these costs, so Ordinance or Law is typically added by endorsement, especially for older buildings. Sublimits and coverage parts vary by form and market.

Equipment breakdown coverage may respond to sudden mechanical, electrical, or pressure-system breakdown of covered equipment — losses that standard property forms often exclude. It is frequently added by endorsement and can be important for buildings with significant HVAC, boilers, or other systems. Availability and covered equipment vary by market and occupancy.

They can, but vacant property requires specialized underwriting. Vacancy changes the exposure — different causes of loss, security concerns, and reduced maintenance — so coverage may be narrower, subject to a vacancy permit or specific terms. Disclose vacancy, the reason, expected duration, and any security or maintenance so the account can be structured and placed with the right market.

Qualifying coastal and catastrophe-exposed property may be considered, with eligibility depending on the exact location, distance to saltwater, construction, roof condition, occupancy, requested perils, and catastrophe capacity. Peril structures range from special perils excluding wind and flood to named-storm and wind-only options. Coastal and state eligibility must be confirmed, and catastrophe capacity is subject to availability.

On larger schedules, the total insured value may exceed what one insurer will write, so the placement is built with multiple insurers. A layered placement stacks insurers at different attachment points to build the total limit; a shared (quota-share) placement has insurers participate in the same layer on a percentage basis. Both are common for high-TIV and catastrophe-exposed property, subject to market availability.

For this Greenwood program, small commercial property generally refers to accounts under $5 million total insured value — single locations and smaller schedules that often place efficiently on a monoline or package basis. Occupancy, construction, protection, and catastrophe exposure still drive eligibility, so the size band is a routing guide rather than an absolute rule.

For this Greenwood program, large commercial property generally begins around $7 million total insured value and includes larger single locations and multi-location schedules — often with catastrophe modeling, detailed statements of value, and layered or shared participation. Accounts between the general size bands are routed to the most appropriate market based on occupancy, geography, construction, catastrophe exposure, and requested structure.

Underwriting generally wants completed ACORD applications, an Excel-formatted statement of values with location, building value, business personal property, business income, construction, occupancy, year built, square footage, protection class, sprinkler status, and roof information, plus five years of currently valued loss runs and the requested valuation, deductibles, and perils. Catastrophe-exposed risks should add distance to coast, flood zone, elevation, and wind-mitigation detail. Submit a risk with a target premium to get started.