Plan & Equipment
Proper coverage for your physical assets begins with selection of the proper valuation to meet your needs:
- Replacement Cost, the cost to replace with like kind and quality.
- Actual Cash Value, cost new less depreciation.
- Functional Replacement Cost, cost to rebuild with a functional building.
After a physical inspection of your facilities and a review of your business plan we can advise you on the most effective valuation clause to use in your insurance contracts. We will then propose one of several coverage forms to provide comprehensive protection:
Manufacturers Output Policy
The Manufacturers Output Policy (MOP) was originally developed as an inland marine product for the automobile industry. It was designed to cover stock during production as the vehicles passed through different plants, continuing while the vehicles were in transit and even at the dealership. The MOP covered the vehicle as long as the named insured had a financial interest in the vehicle.
This policy was very focused and provided coverage wherever the stock was. The coverage was not limited to a single location, instead it moved in the same way the stock moved. A new flexible, sleek and streamlined inland marine policy replaced the boxy, awkward and rigid commercial property policy.
The MOP has evolved from a focused stock-only inland marine product for the auto industry into an extremely broad commercial property coverage form with a unique rating structure.
Difference in Conditions Policy
DIC insurance provides coverage designed to close specific gaps in standard insurance policies and is usually available only for larger industrial or commercial risks. It allows coverage to be customized to extend to such exposures as water damage, flood, collapse, earthquake, landslide, etc., according to the insured’s needs. DIC coverage may be provided by means of a separate insurance policy or it may be added by endorsement to the basic policy.
Most major insurance carriers have developed their own property insurance contracts with broadened coverage definitions and enhanced sub-limits for specific categories of physical property.
Lapointe works with the carrier to tailor a form that meets your specific needs at the optimal price.