Coverage:
Buildings - 80% of replacement cost must be insured. Covers the owner for actual cash value of the property at the time of a loss.
Contents - 80% of replacement cost must be insured. Covers contents of store or office for actual cash value of the contents at the time of loss.
Loss of Rents - Based upon 80% of rental income. Will cover loss of rents for 3 months while property is being repaired. Can sometimes be increased to 6 months.
Loss of income - Based upon 80% of income. Covers continuing expenses after a loss, i.e. salaries, rent, mortgage, taxes, etx. Coverage is usually for 3 months, but can occasionally be increased to 6 months.
