The Buyer shall provide at its expense property damage insurance or “all risk” builder's risk insurance covering all of its property on the basis of full replacement cost value without depreciation which will name the Seller and any manufacturer of the Product(s) as additional insureds with a waiver of subrogation against all insured parties thereunder.
 

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Commercial Property Insurance Continues To Rise
By Tony Seruga, Yolanda Seruga and Yolanda Bishop
Think about all of the factors that are taken into account when the costs of any property premiums are considered. Of course, the main worry of any provider is the amount of risk they are undertaking when it comes to granting a policy; the more risky the policy is, the more costly the policy is going to be. This is the way the industry operates and it has been this way for some time now.

Ever since the attacks on the World Trade Center on September 11, 2001 the cost of commercial property has begun to scale upward. Other world events have not made this situation any better, including Hurricane Rita and the even more devastating Hurricane Katrina. It seems that commercial property is not nearly as solid of an investment factor as it has been in the past. This is reflected in the ever-increasing premium, which creates a problem in the industry. After all, having commercial property is necessary, no matter what the cost. Commercial property loans are never granted without the property coverage and this has created a bit of a dilemma in the economy.

However, the fact that commercial property has continued to rise has made it rather difficult on the business world, as policies are being up-charged, changed, canceled, and modified beyond the needs of the average insured.

About the Terrorism Risk Extension Act:
Also known as TRIEA, the Terrorism Risk Extension Act has provided a sort of gap coverage for property owners who found it necessary to obtain against acts of terror on their properties. This is important, as many companies find it difficult to provide for such a high-risk peril, and it is important for both mortgage and loan companies and property owners to be insured against all possible acts or perils.

At the end of 2007, a vital change will be taking place; the Terrorism Risk Extension Act will expire, changing the face of the post-911 industry forever. It was put in

 

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