Commercial Property


What is it for


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:

in resolving issues


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