Property Insurance
Insurance that covers physical assets such as buildings, equipment, inventory, and other business property against damage or loss from covered perils.
Property insurance is the foundation of first-party coverage for any business or real estate operation. It protects owned or leased buildings, tenant improvements, business personal property, equipment, and inventory against perils such as fire, wind, theft, and vandalism. Policies can be written on a named-peril basis, covering only listed risks, or on a special-form (all-risk) basis, covering everything not specifically excluded. In COI compliance, property insurance verification is essential when tenants occupy leased space, contractors store materials on-site, or vendors bring valuable equipment to a project. Certificate holders typically verify property limits on an ACORD 28 form and confirm that loss payee or mortgagee designations are correctly listed to protect their financial interest in the insured assets.
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