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Shopping Center& Strip Mall

A general description of any shopping center is that it is either a stand alone building or a group of buildings with parking facilities in which space is rented to stores, professional offices, and eating establishments. Shopping Center has a range of 2 to 6 tenants. Strip Mall has a range of 15 to 100 tenants. Even though the lease agreement of the tenants spells out who is liable for the losses, the owner of the shopping center or strip mall is generally responsible for common areas, including but not limited to parking lots, sidewalks, general area utilities and maintenance. Being an owner of either of these entity means owing the responsibility of damaged property, fires, injuries, plumbing, heating, building maintenance and any legal actions or lawsuits.

The following are the coverages available for your shopping center or strip mall:

In general, any shopping centers or strip malls are bustling with a lot of traffic – food and vehicle. This means there’s always a high possibility of mishaps waiting to happen. General liability will help you cover medical cost, legal fees, lawsuits, or any compensation that you are required to pay. With general liability coverage, you get several different coverage options under a single policy. Completed operations, premises liability and product liability all fall under general liability insurance. For instance, if a customer of one of the shops in your property is injured in the parking lot or common area, the incident is considered to have occurred on your premises. This means that you will be held liable for any legal costs or damages.

This is the most important part of your insurance policy since it will protect your physical investment without which your income would come to a halt. This policy will protect your property from number of natural disasters like fire, wind, rain, earthquakes, storms, hurricanes, and other natural disasters as listed in your policy. Since these calamities can not be prevented, property liability will give you a peace of mind – knowing that your financial asset is protected.
If your business income is interrupted, you will find solace in the fact that you are covered by the business income option in your shopping center or strip mall insurance policy. If for any reason your business is struck by a disaster causing damage to the shops in your shopping center or strip mall, the repairs could take quite a long (usually 6-12 months) while to complete. The clients and customers of the various businesses are not able to get to the products and services that they need. This means that your tenants are going to lose income and may not be able to pay the rent that is owed to you. Business income coverage included in your shopping center insurance policy will provide you with protection against the loss of that rental income.
Some of the basic equipment that comes out as owners’ responsibility are servicing the building – lights and structures, air conditioning units, heating units, computer equipment, alarm systems, attached building furniture, walk-in coolers, and several others dependent on your property type. Breakdown of any these equipment will lead to loss of income. Insuring your business with this policy will assist you with cost of repairs, and any income that is lost in the process.
Unlike any other commercial property, shopping center and strip mall has more than a few signs. For example, signs in front of your business that list all the tenants’ individual businesses, and individual shop signs. These signs could simply just breakdown due to weather, theft attempts, vandalism, earthquake, and similar. If you have this policy to your choosing of the set limit and replacement cost value added you will not have to worry about the cost associated with restoration or replacement.
Insurance provides wide variety of coverage for your business policy. However, all these policy coverages have a set maximum amount limit once you exhaust this limit the rest of the cost comes out of your pocket. In order to avoid such bankrupting incidents, you may increase your liability limits through umbrella coverage. This will protect your business against any claims that go over the limits of your standard liability policy.
Jubilee Insurance will provide this service free of charge to its clients. We will also ensure that all your tenant certificates are up to date and compliant to limit your liability.
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