Providing business space for other businesses can be risky. You assume all the risks their businesses face, and in most cases you have a lot more to lose.
SGI CANADA's Building Owner's Pak is designed specifically to protect you from those risks.
As long as your tenants run businesses eligible for one of the Value Pak family of insurance packages for small- to medium-sized businesses, you'll be eligible for this comprehensive coverage that protects you from damage to your building, its contents and loss of income. Even if your tenants operate ineligible businesses, you may still qualify. Ask your broker for details.
In addition to the core property coverage and liability coverage highlights, here are some of the coverage features you'll find useful to protect your commercial property.
Do you typically have tenants who owe you money from month to month on account or credit? Would you know who they are and how much they owe you if your records were damaged, lost or destroyed?
With Building Owner's Pak, you're covered for the amount owed to you, including collection expenses or interest charges incurred, even if you can't say exactly how much it is.
If your building has a common area or lobby, you might have a painting, sculpture or other work of fine art on display. Protect your investment with Building Owner's Pak coverage, up to a limit of $10,000, even when it's in transit or temporarily away from your insured premises1.
Blanket building glass
Your Building Owner's Pak comes with Blanket Building Glass coverage to replace any and all interior or exterior glass or Vitrolite-like items2 (including lettering and ornamentation), as well as burglar alarm tape or foil that is damaged or broken. It also includes repairing or replacing the frames or cases enclosing it.
If you have a mortgage on your insured premises1 and it is completely destroyed, your current mortgage rate will be honoured with Building Owner’s Pak if your lending institution calls in the loan and increases your borrowing costs on a new mortgage.
This insurance will pay for the difference and resulting legal fees until the end of the original mortgage period or 60 months, whichever occurs first.
Did you just add to your commercial building inventory or purchase new property as described in your core coverage? Don't worry, with Building Owner's Pak, these items are automatically covered for up to 60 days even if they're not listed on your policy cover page3.
Discuss adding your new possessions to your policy with your broker to continue coverage past 60 days. An additional premium may be required.
Plants, trees and shrubs
If your building has a green space or landscaping with plants, trees or shrubs growing within it, they're covered by your Building Owner's Pak provided they're damaged or destroyed by an insured peril4. Hail and windstorms are excluded.
In most cases, your building and equipment are covered for the cost to replace them, not their actual value. Your equipment will even be replaced with modern equivalents without factoring in depreciation - meaning your 15 year old air conditioner will be replaced with a brand new, comparable model.
Have a green conscious? You can request energy-friendly replacements, too.
- Your insured property or building as described in your policy.
- Vitrolite is a coloured, sometimes opaque, structural glass used in home and building construction.
- The summary of your policy coverage you receive from your insurance company or broker at time of purchase or renewal.
- Physical threats that could damage your insured premise, such as an impact with a land vehicle or aircraft, wind, hail, fire, lightning, explosion, smoke, vandalism or malicious act. See your policy wording for exact coverage.