NC - Seeking Business Package: Building, Contents, Liability

Your response to industry hot topics.

Moderators: Josh, independent guy

Post Reply
animalfriend
Insurance Journal Fan
Posts: 1
Joined: Fri Apr 28, 2017 9:22 am

NC - Seeking Business Package: Building, Contents, Liability

Post by animalfriend » Sun Apr 30, 2017 2:39 pm

I'm a consumer and noticed that most posts appear to be from agents, so I apologize if this is an agents-only forum, but I didn't see any posting restrictions, so I thought I'd put this out there...

I purchased a large metal warehouse building last week in Mt Airy, NC. The building is approximately 11,000 square feet with an additional covered area adding another 4,000 sq ft, but this area does not have electricity. The former owners had gas heaters, all but one of which had been removed, as have the LP tanks, so there's currently no heat/air.

The building is not finished inside. It's just a big open shell with metal walls/ceiling/roof, concrete floors, no windows, 2 roll-up doors, and 4 people doors. Nothing fancy. It was built in 2000.

There's also a double-wide office trailer that was built in 1999. It's approximately 1400 square feet. There's an additional covered storage area behind the office (~ 600 square feet).

The property is 2.86 acres and has a tax value of $132k. It was appraised in 2013 for $185k.

We intend to use it primarily for storage, selling items by appointment and on weekends. We buy/sell surplus home improvement items (doors, flooring, countertops, bathroom vanities, bathtubs, etc.). We occasionally have a few pieces of furniture. We advertise the items online and meet prospective customers by appointment. We have no employees (just myself and my partner).

I'm seeking coverage for the buildings, $50k contents, and $500k liability. The problem I'm running into is that because of the size of the building, agents want to insure it for far more than the tax (or even appraised) value. One agent said that an 8000 square foot building should be insured for $580,000. She agreed to write me a policy with a valuation of $185k, but when I sent her photos on Friday, she asked if the office was connected to the main building, or if I was just insuring the one building. I responded, but haven't heard back. (I'd like to get insurance on the entire property.) Another agent had said he didn't have anyone who would insure it for $185k (appraised value in 2013). The first agent (who agreed to insure for $185k) was supposed to send me paperwork to sign on Friday and I haven't received it, so I'm not sure if that policy is going to materialize or not. (She's the one who said an 8000 sq ft building should be insured for $580k.)

The other agent (who didn't have a market for it at $185k) said the problem with insuring for $185k would be for a partial loss, as the cost of repairs would not be covered due to the low valuation.

Can anyone offer any insight or direction?

Thank you for your time.

INTLXS
Insurance Journal Addict
Posts: 152
Joined: Tue Oct 15, 2002 6:25 am

Re: NC - Seeking Business Package: Building, Contents, Liability

Post by INTLXS » Tue May 02, 2017 11:46 am

I know an agent who may be able to help. Contact Anthony Lee

Anthony C. Lee
Principal
Cobalt Steele LLC
Cell: 908-601-2692
Fax: 732-876-0260
E-mail: alee@cobaltsteele.com

clarkv4
Insurance Journal Fan
Posts: 1
Joined: Thu Apr 27, 2017 10:29 am
Location: Iowa

Re: NC - Seeking Business Package: Building, Contents, Liability

Post by clarkv4 » Tue May 02, 2017 1:25 pm

I maybe able to provide you with a quote with some additional information. Could you please provide the building location.

Venessa Clark
CL Direct Sales Agent
Nationwide Sales Solutions Commercial Direct
clarkv4@nationwide.com
Phone: 515-864-4712
Fax: 855-290-5200
Venessa L. Clark CLCS
CL Direct Sales Agent
Nationwide Sales Solutions
1200 Locust St. Des Moines, IA. 50391

Harrison Wicker
Insurance Journal Fan
Posts: 2
Joined: Wed May 30, 2018 6:59 am
Location: Raleigh, NC
Contact:

Re: NC - Seeking Business Package: Building, Contents, Liability

Post by Harrison Wicker » Wed May 30, 2018 7:18 am

Reach out to Jeff West! He is an expert in all things P&C, and should be able to quote it for you provided with more details. If you are still looking for a quote, his contact information is below.

Email: pcquotes@capmar.com
Phone: 919-488-7166
Harrison Wicker

Direct: 919-488-7106
E-mail: harrison@capmar.com

Post Reply