Posted on: August 12, 2014 by titan-goodrich
Historians claim that insurance started when ancient communities would pool together their assets to help each other repair scorched barns and mend broken fences. The idea was that the community would set aside some of their assets to help each other mitigate the cost of rebuilding after a disaster or tragic event. From this early collaboration evolved the concept of business insurance.
It wasn’t until 1681, after the 1666 Great Fire of London destroyed thousands of houses and businesses, that property insurance began to gain a foothold. Economist Nicholas Barbon and eleven associates established the first fire insurance company to help protect brick and frame homes from future devastation. Over the years insurance has become incredibly complex, however from this complexity comes the ability to protect almost any personal or business asset. Today, property insurance can be obtained to protect against a myriad of risk exposures from theft to weather damage and everything in between.
Virginia Beach property insurance protects policy holders in one of two main ways: open peril and named peril coverage. Open peril coverage will protect the insured property from any causes of loss not specifically excluded from the policy. Some of the most typical exclusions may be damage resulting from earthquakes, flood, acts of terrorism, and will be listed in the terms of the insurance policy. Named peril coverage requires the actual cause of loss or hazard to be listed in the policy in order for the policy to cover resulting damages. Most standard policies are written to include a number of events such as fire, lightning, theft and vandalism.
There are three primary types of business property insurance coverages available to Virginia Beach business owners. A replacement cost policy is designed to pay the cost of replacing your property in the current market; unlike actual cash value coverage which provides reimburses the policy holder a depreciated value for the property. Extended replacement cost coverage provides the most thorough protection because it is designed to pay over the coverage limit if the costs for construction or replacement have increased. Virginia Beach property insurance is one of the most essential coverages any business will need to help protect itself against the financial burden of an unexpected event.
At Goodrich and Watson we are an independent insurance agency proud to be serving the residents and businesses in communities throughout Virginia. We can help your business find complete commercial property insurance coverage designed to protect your building, its contents, and other business owned properties. For more information about all of our offerings, give our Virginia Beach property insurance specialists a call today at (888) 829-5004.