Commercial Property & CAT Policy Feature Checklist
What to confirm in a commercial property & cat policy — what's standard, what's often limited, and what to add if needed — plus the gap most often missed.
Pull out your current property policy and check the box next to each feature you can confirm it includes — anything unchecked is worth a quick conversation with your advisor.
Tick each feature you can confirm your policy includes — anything left unticked is a good question for your next policy review.
| Confirm? | Policy feature | What to confirm | Priority |
|---|---|---|---|
| Replacement Cost Valuation | Pays to rebuild at today's cost, without deducting depreciation. | Standard | |
| Agreed Value / Coinsurance Waiver | Removes the coinsurance penalty that reduces claims when values are set too low. | Often limited | |
| Business Income with Extended Period | Covers lost income for a realistic shutdown, plus time to rebuild customers after reopening. | Standard | |
| Ordinance or Law | Covers the added cost of meeting current building codes after a loss — often excluded or limited. | Often limited | |
| Equipment Breakdown | Covers sudden breakdown of HVAC, electrical, boilers, and machinery. | Often limited | |
| Wind / Hail Deductible | Confirm whether it is a flat amount or a percentage of building value — percentage deductibles can be large. | Often limited | |
| Flood & Earthquake | Excluded from standard property — must be added or bought separately. | If needed | |
| Utility Service Interruption & Spoilage | Covers losses when off-site power or utilities fail, including spoiled food or inventory. | If needed |
The gap most often missed in this coverage
The most commonly missed gap in this coverage is underinsurance. When building values lag today's rebuilding costs, coinsurance penalties reduce every claim and limits run out before the building is rebuilt. Owners should update values with a replacement-cost appraisal, ask about an agreed-value endorsement, and confirm ordinance-or-law coverage for code upgrades.
Send us the checklist and we'll review your commercial property & cat coverage line by line, then market it across multiple carriers that compete for your account.
Related: Commercial Property Insurance · Commercial Property & CAT Supplemental (apply) · All coverage checklists
Frequently asked questions
What should a commercial property & cat policy include?
Standard features to confirm in a commercial property & cat policy include Replacement Cost Valuation, Business Income with Extended Period. This checklist also flags the features that are often limited or sublimited and the ones to add if needed, with a plain-English note on each.
Is this checklist insurance advice?
No. It is a free educational tool to help you have a more informed conversation with a licensed professional. It affords no coverage and is not insurance, legal, or financial advice — only your actual policy language governs what is and isn't covered.
Can Cory Washington & Co. review my commercial property & cat coverage?
Yes. Share your checklist and we'll review your program line by line, market your account across multiple carriers, and explain the trade-offs in plain English. Cory Washington & Co. LLC is licensed in all 50 states.
This checklist is a free educational tool from Cory Washington & Co. to help you review your own coverage and have a more informed conversation with a licensed insurance professional. It is general information only — not insurance, legal, or financial advice, and not a recommendation to buy, change, or cancel any policy. Coverage terms, availability, limits, and requirements vary by policy, carrier, and state, and only the language in your actual policy governs what is and isn’t covered. Checking or leaving blank any item above does not indicate that you are adequately insured or under-insured. Using this checklist does not create a client, agency, or fiduciary relationship. Always consult a licensed professional about your specific situation.