Property coverage provides protection against direct physical loss or damage to property owned by the Fraternity or Sorority. For example, if a fire or thunderstorm damages your fraternity’s facility, property insurance may help pay for repair costs.
Coverage extends to buildings, business personal property (contents) and Fine Arts, Loss of Business Income (rental income), and Extra Expense.
Blanket Replacement Cost protection is applicable for buildings and business personal property (contents). Actual Loss Sustained protection is provided for Loss of Business Income and Extra Expense. Fine Arts such as silver, jewelry, paintings, and items of rarity or historical nature are protected for Market Value, without requirements for schedules or specific valuations. Protection pertains up to the limits of coverage provided under the insurance policy.
Building Codes or Law & Ordinance Coverage is also included and provides insurance protection for the costs of compliance with such areas as A.D.A., Life Safety Codes, or Sprinkler Ordinances, when they are triggered by insured losses up to the limits of coverage provided under the insurance policy.
This basic information has been prepared as information only. The actual insurance policies are subject to definitions, duties, exclusions, limitations, and various other terms and conditions. This information does not amend, extend, or alter the coverage afforded by the actual insurance policies.
Please review these other helpful resources to reduce property losses for your organization.
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