Commercial Property and Liability Insurance


Summary

This practice note identifies the coverage typically provided under many commercial property and liability policies, and discusses some specialized concepts useful to understanding those coverages. In addition, this practice note explains certificates of insurance, which can serve as evidence of coverage under both commercial property policies and liability policies. Insurance is ubiquitous. It touches nearly every facet of modern life. Real estate transactions are no exception. Insurance coverage, however, is an area often involving complex issues and specialized terms. This practice note provides an overview of two commercial insurance coverages significant to commercial real estate purchase and sale transactions and ownership of commercial properties: commercial property insurance and commercial general liability (CGL) insurance.