Vacant Buildings Insurance
Head of the Line
Jeffrey L. Shearman
Senior Risk Engineering Consultant, Zurich in North America
“Truly vacant buildings are properly buttoned down for the long haul. Climate and alarm systems often are shut off, contents are removed, the building is infrequently serviced, and it may be secured in a more permanent manner with, for example, its windows and doors covered.”
Real Estate Practice Leader, Zurich North America Commercial
“I think a large number of owners or even the person wearing the risk-manager hat may not fully understand what the vacancy restrictions are in their policy. We're seeing so many risk managers wearing different hats within an organization that they're not up on it. In some cases, they're relying on an outside agent.”
- Under Construction or Renovation?
- The New Edifice of Vacant Property
- Copper & Robbers: Vacant Buildings Desirable For Thieves—And Insurers
- Experts Offer Best-Practice Tips For Securing, Insuring Vacant Properties
- Vocabulary Lesson: Defining Vacancy
- Vacant-Buildings Issue Hits Home
- Stalled Construction Projects Heighten Exposure For Builders-Risk Insurers
- Report from the Front: Agent Questions About Vacant Property
Escalating U.S. copper theft presents challenges to insurers when determining reimbursement for property owners in these high-value losses.
Questions regarding coverage for vacant buildings come up frequently in the FC&S "Ask the Experts" queue. The following examples illustrate two different outcomes regarding multiple buildings insured under one policy.
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