First-Party Property Insurance Policies

Summary

This practice note addresses key components of commercial first-party property insurance policies, including key terms, provisions, and exclusions. Commercial policies may vary depending on the types of risks property owners anticipate and therefore wish to protect against. However, the majority of the standard coverage terms, provisions, exclusions, and exceptions in commercial property policies are the same or very similar. This practice note focuses on these similarities while identifying points of distinction you may encounter during your review.