International Catastrophe Insurance Managers LLC offers vacant building insurance to commercial property owners in 17 states, the special catastrophe insurer said in a statement Monday.
International Catastrophe Insurance Managers, known as ICAT, are part of Victor Insurance Holdings Inc.
The vacant building "all-perils" policy, which covers buildings left empty for less than three years with a total insured value of up to $ 25 million, is available to commercial property owners in Alabama, Connecticut, Delaware, Florida, Georgia, Louisiana, Maryland, Massachusetts, Mississippi, North Carolina, New Hampshire, New Jersey, New York, Rhode Island, South Carolina, Texas and Virginia, the statement said Monday.
The policy protects vacant buildings from all risks, excluding wind / hail, flood and earthquake, although this coverage can be added on any basis.
Coverage can also be extended to include regulations or laws, garbage removal, fire department, inventory and evaluation fees and rewards.
The vacant building insurance is insured by A-insurers on a surplus basis.
The coverage was developed "as a direct response to building owners' special needs during the current health and economic crisis" and is available to agents through both ICAT and Victor in the US
Greg Butler, President and CEO of ICAT, said in the statement the cover "addresses a key exemption found in most property insurance policies." Catalog