Do I need a separate policy for vacant or under-construction properties?

In most cases, you will need a separate insurance policy for vacant or under-construction properties. Vacant or under-construction properties present unique risks that are typically not covered by standard commercial property insurance policies.

Here's a summary of why a separate policy is needed:

Increased Risk:

Vacant properties are often at a higher risk of certain perils, such as vandalism, theft, and undetected damage, as there are no occupants on-site to monitor or protect the premises. Under-construction properties may also be vulnerable to construction-related accidents, damage, or theft.

Standard Policy Exclusions:

Many standard commercial property insurance policies include exclusions for vacant or under-construction properties, meaning that they do not provide coverage for losses or damages that occur under these circumstances.

In summary, to properly protect vacant or under-construction properties and address the unique risks associated with them, it is advisable to obtain a separate insurance policy specifically designed for these situations.