Vacant Property Insurance

Commercial property owners must protect themselves while their property is vacant or at minimal occupancy. McGowan Risk Specialists has access to several carriers who are able to apply heavy credits to this class of business. As the market continues to tighten up on most all other real estate, carriers are looking to diversify their books with vacant property accounts

Applications​

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Eligible Classes

  • Vacant Office
  • Manufacturing and Warehouse Buildings
  • Low Occupancy Properties (including retail)
  • Recently Purchased Properties That Have Yet to be Occupied
  • Strip Malls
  • Habitational

Coverages

  • Special Form Available
  • Theft/VMM Coverage Available (may be limited)
  • Water Damage/Sprinkler Leakage Coverage Available (may be limited)
  • Equipment Breakdown Coverage Available
  • RCV Available (depending on age and condition)
  • Long-Term Vacancy Considered
  • No restrictions on length of vacancy

The Exposure

  • Break-ins
  • Theft
  • Vandalism and Equipment Breakdown
  • Many more…

Special Features

  • A.M. Best A Rating
  • Various valuation options available
  • Loss Limit for purchase price available without coinsurance

Contacts

To Obtain Quotes

A complete submission requires the following:

  • ACORD application (Commercial Section).
  • Excel SOV (if available)
  • Loss Runs
  • McGowan Supplemental Application
  • Target Terms & Pricing
  • Please submit to: ajames@mcgowanrisk.com

To Bind Coverage

  • A written request to bind.
  • A signed ACORD submission.
  • 3 years of loss runs for all underlying policies.
  • Supplemental applications (at the underwriter’s discretion).

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