Insuring Property Away from you Premises

Did you know that property stored somewhere other than at your office premises may not be covered by your property insurance policy? Be sure to keep your insurance broker advised if you move property. Other situations should also trigger a call to the insurance provider:

• Warehousing

• Valuable property

• Demo equipment at a client’s site (and you still own it)

• Equipment/property on approval for a lengthy period at a client site

• Property storage at an employee’s home

• Lending or rental of equipment

Many insurers offer some nominal amount of “unscheduled location” coverage ($10,000 is customary). Unfortunately, for significant theft or water losses from an unknown location, $10,000 may not be enough coverage.

Scheduling Equipment

Any high-valued property that consistently moves should be explicitly listed on the policy as “Scheduled Equipment.” Scheduling equipment will allow you to provide a specific limit to the piece of equipment, and coverage is typically offered worldwide.

Additional Tips

• Keep property inventory lists, especially computer inventory and software licenses, off-site.

• Be sure all the locations where you have property are listed on your insurance policy.

• “Schedule” all mobile property for broader territorial coverage.

• Agree with your insurer about loss valuation as part of your policy terms.