Commercial property insurance for NYC buildings.
Buildings, contents, business income, equipment breakdown, and ordinance & law — written on special form with replacement cost valuation, and sized against an actual valuation, not last year's number.
What the policy covers.
An independent broker, not a captive.
NYC building stock is old, replacement costs have moved fast, and carriers have tightened terms post-2020. We pull updated valuations (e.g. e2Value or carrier-blessed equivalents), benchmark BI worksheets against actual financials, and shop the program across Chubb, Hanover, Great American, and E&S markets when admitted capacity gets thin.
Questions operators ask.
What does commercial property insurance cover?+
Direct physical loss or damage to buildings, contents, business personal property, and improvements & betterments — typically on a special form (CP 00 10) basis. Add-ons commonly include business income, extra expense, equipment breakdown, and ordinance & law coverage.
Replacement cost vs. actual cash value — which should I carry?+
Replacement cost (RCV) is almost always the right answer for buildings and most contents. ACV deducts depreciation at claim time and can leave a six-figure shortfall on a roof or HVAC loss. We default to RCV with agreed-value where the carrier allows.
Does my NYC building need ordinance & law coverage?+
Yes — older NYC building stock means a partial loss often triggers code-upgrade requirements (sprinkler, electrical, ADA) that uninsured by default. Ordinance & Law (Coverage A/B/C) pays the additional cost to bring the building up to current code.
How is business income coverage calculated?+
BI is based on the net income you would have earned plus continuing operating expenses during the period of restoration. We typically write a 12-month period of indemnity, sometimes 18 or 24 for harder-to-rebuild operations. Underinsuring BI is the most common (and most expensive) property-policy mistake.