Commercial Property | GARDIA Insurance Company

Commercial property insurance works by providing coverage for the property and assets of a business preserving them from multi-billion losses. Insurance protects commercial property from a variety of unforeseen and potential perils such as fire, theft, natural disaster or other covered perils.

Commercial property insurance serves as the core of speedy recovery and financial stability in the enormous system of entrepreneurial businesses.

Commercial property policy is one of the most common financial tools for protecting the owner’s property interests allowing to reimburse for damage charging a relatively low fee – insurance premium.

Who can insure

Legal entities and individual entrepreneurs - commercial property owners, tenants or operators

What can be insured

Commercial property insurance coverage protects business assets and commercial property such as buildings and contents buildings, structures (including structural components, finishing, signs and lighting, utilities, glazing), electronic and manufacturing equipment, infrastructure facilities, finished goods, raw materials, business supplies.

Insured risks

Commercial property insurance typically offers two types of coverage: named-perils and all-risk policies.

Named-perils policies cover specific perils explicitly listed in the policy, such as fire, theft, or vandalism
All-risk policies provide broader coverage, encompassing all perils except those explicitly excluded in the policy

Additional coverages

Business interruption
Terrorism and sabotage
Machinery and equipment breakdown
Damage resulted from minor construction works
Extra expense coverage including loss adjustment expenses, loss mitigation costs as well as property recovery

Best of GARDIA:

Efficiency
in resolving issues

Prompt
response

Individual
approach

Constant
feedback

FAQ

What perils are excluded from the coverage?

Perils explicitly excluded in the policy or in the corporate property insurance policy wording:

War, revolution, civil war, revolt
Radiation or contamination by radioactivity from nuclear fuel or waste, nuclear material, nuclear radiation, any nuclear weapon, and nuclear waste in any form
Confiscation, expropriation, nationalization, requisition, property arrest, property destruction due to imposition of quarantine
Errors in design, defects in structures, materials or works
Normal wear and tear, corrosion; changes of color, odor, weight; settling, rotting, microbial, animal or vegetation action, natural property characteristics
Fines, penalties and other sanctions in accordance with the law or other custodies of the authorities
Indirect losses
Intent
Cracking, compression, expansion or swelling of road surfaces or sidewalks, foundations, walls, load-bearing structures or ceilings of buildings or structures
Damage to property in the course of construction and assembly works for the reconstruction or renovation of buildings and structures
Mysterious disappearance
Losses incurred as a result of penetration into the insured premises of rain, hail, snow or dirt through open windows, doors or other openings in buildings, unless these openings were caused by storm, whirlwind, hurricane or tornado

What risks are covered?

Both Fire and its occurrence
Lightning strike
Fall of aircraft, their parts or any items from them on the insured property;
Explosion
Natural disasters - earthquake, volcanic eruption, snow avalanche, hail, storm, hurricane, flood, soil subsidence
Damage to property by water from water supply, sewerage, and heating systems as well as automatic water fire extinguishing
Burglary, robbery and theft
Malicious actions of third parties - intentional damage or property destruction (Art. 167 of the Criminal Code of the Russian Federation), hooliganism (Art. 213 of the Criminal Code of the Russian Federation), vandalism (Art. 214 of the Criminal Code of the Russian Federation)
Glass, mirrors and storefronts breakage
Land vehicles or self-driving vehicles collision

What affects the price of corporate property insurance?

Fire and general asset protection
Design and age of the building
Proximity to hazardous objects
Loss records
Proximity to rivers, lakes, reservoirs
Deductibles
Type of business
Age of equipment

In what cases can policy be terminated or policy terms changed?

If property was transferred to another ownership
If property was leased or pledged
If the building is vacant for a long term
In case of disconnection / alteration of fire extinguishing systems
Demolition or building renovation