Woodworker Building Insurance

• Appurtenant Building and Structures – Appurtenant refers to a building or real estate parcel that has been adapted to the use of the main building and is intended to be a permanent addition to the land. A good example of that is if you have a workshop in a detached structure but it’s on the same piece of property as the main building.
• Arson & Theft Reward – This coverage pays out for any reasonable expenses that are incurred that eventually lead to an arson conviction of a covered insurance loss. If the building is set on fire by an arsonist, and you offer a reward to catch the perpetrator, and he gets caught because someone has information and claimed the reward, and the arsonist is convicted because of that, you will be reimbursed for the reward.
• Fire Department Service Charge – You may not know this but often, the fire department will bill a property owner for charges in fighting a fire or even responding to a suspected one. This coverage insures that the bill will be paid for under the policy provisions.
• Fungus, Rot and Bacteria – If your structure ends up in any of these conditions, the cost to remove it from any covered properties will be paid for by your building insurance.
• Newly Acquired or Constructed Property – Newly acquired property and its contents are automatically covered within a certain time frame (usually thirty days).
• Pollutant Cleanup & Removal – If pollutants are caused by damaged from a covered loss, this will pay for the expenses of removing the pollutants from the land or water around your location.
• Temporary Relocation of Property – If you move your property to temporarily store it at a location you own, lease or operate while the premises are being renovated, the insurance will pay for that move.

Building Valuation Type

• Replacement Costs – This refers to what will be paid out on a claim and means the actual cost to replace the same value of the assets of a company or property. It fluctuates with market value.
• Actual Cash Value – This means that the depreciation and stolen or damaged property at the time of the loss has to be subtracted from the replacement cost.  Cash value is always lower than replacement cost.

Additional Coverages

• Debris Removal – Covers costs associated with clean-up related to property damage
• Ordinance or Law – Losses caused by enforcement of ordinances regulating construction and repair of damaged buildings.