Continuous Property Protection, in your warehouse, in your truck, in transit... you are covered. Protection for your Buildings, Inventory and Computers, and Business Interruption... WIP® has you covered. That's because the WIP® Property Policy allows for coverages usually offered by a separate Inland Marine Policy, WIP®'s one form does it all... WIP® has you covered.
The WIP® Preferred Property Policy protects your property, whether it is a building or a computer or inventory, whether it is in your warehouse or in a truck or in transit. To make this seamless, the plan automatically includes coverages not ordinarily available or offered only at substantial additional premium.
Inventory and Other Business Property: Because inventory is one of your most important assets, special inventory coverage is provided by the WIP® Preferred Property Policy as part of your business property coverage. Coverage for your other business property such as furniture, fixtures, equipment, computer, forklifts, tenants improvements & betterments, misc contractors equipment, and property of others is also included.
This coverage applies to your inventory, regardless of where it is in the United States or Canada, even if it is in transit or temporarily off premises. Most other policies have limited off premise coverage and require you to buy separate transit coverage and pay an additional premium to get what is already included in the WIP® Preferred Property Policy at no extra charge.
Real Property: Coverage applies to buildings, offices, warehouses, and other structures you own. It also includes mechanical breakdown for any equipment or machinery attached to those structures. You set the limit in your policy.
Property of Others: Often you will be responsible for property of others. Coverage applies to business property of others in your care, custody or control up to the contents limit of the specific property.
Computer Hardware & Software: As noted, coverage is included in business personal property limit and includes mechanical breakdown coverage.
Employee Dishonesty: Coverage for dishonest acts committed by your employees. Limits available up to $250,000. ERISA coverage may be purchased to a limit of $500,000.
Personal Effects: The personal property of you and your employees, which would not be otherwise covered by a business policy, is covered in the plan. $25,000 per occurrence.
Money and Securities: This coverage, which is optional in most package policies, is included in the plan at no additional premium. $20,000/$10,000 on/off premises. Higher limits are available.
Business Income: In addition to Business Income, Business Income-Dependent Properties is included with a Limit of $100,000.
Where Property is Covered
Your business property, including your inventory, is covered anywhere in the United States and Canada.
Designated Locations: Your property is covered at locations listed on your policy.
Property Off Premises/Unnamed Locations: Your property is covered at unnamed locations in the plan at no additional cost with a Limit of $25,000.
In Transit: This coverage applies to your inventory, regardless of where it is in the United States or Canada, even if it is in transit or temporarily off premises. Most other policies have limited off premise coverage and require you to buy separate transit coverage and pay an additional premium to get what is already included in the WIP® Preferred Property Policy at no extra charge. WIP includes a $50,000 transit limit.
Newly Acquired Business Personal Property: Coverage is provided at no additional cost for newly acquired business personal property with a Limit of $250,000 and up to 120 days.
Newly Acquired or Constructed Building: Coverage is provided at no additional cost for newly acquired or constructed building with a Limit of $500,000 and up to 120 days.
How Property is Replaced
Replacement Cost: Coverage is automatic with this plan because most wholesaler-distributors prefer it. This coverage repairs or replaces lost property, without penalizing you for depreciation.
Actual Cash Value: Coverage is optional as a premium-reducing option. It pays you the actual depreciated value of lost property.
What is a "Covered Loss?"
The property coverage of the WIP® Preferred Property Policy is very broad, protecting your property against "risk of direct physical loss." Some policies name what is specifically covered, such as fire or lightning. This type of coverage is limited to just what is named, subject to policy exclusions. The WIP® Preferred Property Policy is not limited to naming perils, and therefore it gives you broader coverage. For a loss not to be covered, it would need to be specifically excluded in the policy. The list of exclusions is very limited.
