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Anastase Maragos, Insurance Claims, answers the question: As the owner of a commercial property, what clauses or warranties should I be aware of when speaking to a broker?
The Co-Insurance clause. This is one of the most common in insurance policies. Simply put, it limits the amount you can claim if you're underinsured. If you don't insure your property for its full replacement cost, you'll face a penalty and only receive a portion of the repair costs. To avoid this, it's crucial to insure your property for 100% of its replacement cost, within a 10% margin, to prevent any penalties in the event of a partial loss. If your broker didn't accurately assess your coverage needs or failed to guide you properly, resulting in you being underinsured, it may be time to speak with a lawyer to understand your options and protect your interests.
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