Insuring commercial spaces
By Kevin Bradley (Insurance Broker) 6674-1063
E-mail: panasurance@gmail.com
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Panama commercial offices include a wide range of businesses, from financial consulting, legal, real estate and accounting firms to personal private offices. Whatever the industry, they all have one thing in common—the need for commercial office space insurance. Here in Panama, comprehensive office insurance can protect you from the unexpected events that happen every day in and around your office.
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Property coverage protects your business and office equipment from loss due to fire, theft, explosion, earthquake, water damage, smoke and even looting/civil unrest.. Additional risks covered include electronic equipment (in or out of the office), breakage of glass and damage/loss to property belonging to third parties.
A policy can cover the expenses caused by a fire.
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Some policies even have provisions for temporary relocation and business interruption expenses.
Theft/burglary coverage includes robbery of equipment, office furniture, assault inside and outside of the office with limited coverage for the safe and petty cash. Damage done to building, as a result of the forced entry, may also be covered.
Did a water leak initiate in your office and damage your neighbors? Premises and operations comprehensive liability protects against claims resulting from personal injury or property damage to clients or other third parties. In most local policies, there are special provisions for fire legal liability, owners and tenants comprehensive liability, elevator comprehensive liability and coverage for third party medical expenses.
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Additional benefits may include emergency locksmith and ambulance service.
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The rates for this coverage vary from one company to another, but can be surprisingly low. For a basic $10,000 office contents policy with all of the above described coverage, the premium could be as little as $100 a year.
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Panama fire and Homeowners Insurance!
by Kevin Bradley (Insurance Broker) 322-1605
Did you know that Protecting your Panama property investments is one of the best bargains available?
In Panama, we insure building (structure) and the contents under separate policies at very reasonable rates.
The standard Panama fire insurance structure policy includes coverage for fire, explosion, earthquake, windstorm, flood and common water damages/filtration/leaks (this coverage is required for every mortgage issued from a Panama bank).
The normal Homeowner's multi risk "Contents" package includes Fire coverage described above, as well as,Theft and Personal/General fire legal liability.
Theft coverage is for break in with forced entry, as well as, assault inside and outside the residence. The damage caused to the structure in case of break-in with forced entry is covered under this theft provision. Theft and damage to Electronic Equipment is also part of the package.
Liability coverage extends to damage you may cause to your neighbors property from a fire or water leak initiating in your residence. If a third party is injured on your premises, there is Medical payments coverage and legal assistance.
This multi risk residential Homeowners package has added benefits including reimbursement for stolen credit cards, locksmith service, plumbing and electrical services in case of a domestic emergency. Some packages include ambulance service, free medical consultation and even coverage for accident or death of PETS.
High ticket items such as paintings, sculptures, collectibles, art work, rugs and expensive electronic equipment may be covered above the basic limit, if they are listed separately. I cover my Ipad and Iphone under this policy.
How much?
The average annual premium for the fire insurance on most cement structures is approximately .10%. For example, a cement condo/house valued at $200,000 will pay approx. $200/yr. The average "contents" multi risk package for $20,000 Fire/Theft limit with $100,000 liability protection is less than $100/yr. Excellent premiums!
Fire / Home Owners
After a rare night out until 1 AM, I came home to a flooded apartment! The small plastic tube feeding the toilet water tank had sprung a leak affecting my bathroom, bedroom, kitchen and laundry. After closing the main water valve to my apartment, I got to work mopping the floors enough to get by until morning. What a dilemma, but I was too tired to do anything at 2am!
Drifting off to sleep, I remembered that I sell and own a Multi-risk contents policy with Generali and called their emergency assistance tel# at first light. The policy has coverage for emergency plumbing, electrical, locksmith etc. A plumber was in my apartment within 2 hours and the leak was repaired. The only cost to me was the generous tip I gave him for showing up on Sunday morning.
I have a $20,000 comprehensive multi risk contents policy described here:
http://panamakevin.com/article.php/20050811194944278 and pay a little over $100/yr.Very little sleep last night.......time for a nap!
If you wish to have a quote for this type of coverage for your home/apartment....email info@panasurance.com or call me at 6674-1063.
Options for Coverage
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Home owners
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Fire Insurance for structures
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Multi-risk coverage