- Commercial Property is considered to be any item that has a value.
- Commercial Property can be classified as real property or personal property.
- Real property is land and the attachments to the land, such as buildings.
- Personal Property is all property that is not real property.
The Building and Personal Property coverage form is the form used to insure almost all types of commercial property.
The insuring agreement in the Building and Personal Property coverage form promises to pay for direct physical loss or damage to covered property at the premises described in the policy when caused by or resulting from a covered cause of loss.