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Apartment Building Insurance

POLICY  HIGHLIGHTS

MULTI-FAMILY RESIDENTIAL PLUS INSURANCE PACKAGE

Grinnell Mutual’s Multi-family Residential Plus package offers strong protection for property
owners. Qualifying risks must meet these requirements:
•   Buildings must be no older than 20 years.
•   Apartments, residential condos, and townhomes up to four stories qualify.
•   Buildings over two stories must have an automatic sprinkler system,
•   Swimming pools must meet guidelines.
•   Incidental offce or mercantile occupancies are permitted.

IMPORTANT  COVERAGES
•   Accounts Receivable* — $25,000 on premises; $25,000 off premises
•    Additional property coverage on garages, swimming pools, storage buildings, fences, retaining
walls — 10 percent of building limit, up to $50,000 (over $50,000 must be scheduled)
•   Arson Reward, including Theft —
$15,000

• Business Income coverage, including Accrued rental charges for garages — Actual loss sustained,
up to 12 months
•    Business Income from Dependent Properties — $25,000
•    Business Income from Newly- acquired or Constructed Property—$100,000

•   Credit Card or Fund Transfer Invoices— $5,000

•   Debris Removal — $15,000

•   Electronic Data — $10,000

•   Embezzlement by Other than Employee — $10,000
•   Emergency Evacuation, Civil Authority— $10,000

•   Employee Dishonesty* — $10,000

•   Employee Dishonesty to Tenant —$10,000

•   Extortion — $10,000

•   Fire Department Service Charge —$7,500

•   Fire Extinguisher Recharge, including leakage — Actual cost
•   Forgery and Alteration* — $10,000

•  Interruption of Computer Operations
— $10,000

•   Lock Replacement — $5,000

•   Money and Securities* — $10,000 on premises; $5,000 off premises
•   Money Orders and Counterfeit Paper Currency — $5,000
•   Newly-acquired or Constructed Property — $1,000,000 per building
•   Ordinance or Law* — $10,000

•   Outdoor Property — $1,000 per tree, plant, or shrub; $10,000 aggregate
•   Outdoor Signs on Described Premises
— cost to replace; off-premises —
$7,500

•   Personal Effects— $5,000

•   Personal Property at Newly-acquired Locations — $500,000 per building
•   Personal Property Off Premises* —
$15,000

•    Personal Property of Others not in Insured’s Care, Custody, or Control —
$5,000

•   Pollutant Cleanup and Removal —
$15,000

•  Spoilage Coverage* — $5,000

•   Tenant Move-back Expenses —
$15,000

•   Valuable Papers and Records* —
$50,000 on premises; $50,000 off premises
•   Walks, Roadways, or other Paved Surfaces — $25,000
•    Water Backup from Sewer, Drain, Sump, or Sump Pump — $5,000;
$10,000 aggregate

*  Higher limits may be purchased for an additional charge. Other optional coverages are available.
GMBP 6662 PH  (04-16)

•  These summarized coverage descriptions are intended for reference and do not include policy
conditions, exclusions, or limitations. For a complete description of the policy features, consult
your Grinnell Mutual agent.

ENDORSEMENTS & ENHANCEMENTS

MULTI-FAMILY RESIDENTIAL ENHANCED PLUS

($150 PER PREMISES)

This optional endorsement
provides higher limits on many package coverages, adds new coverages, and enhances your business’
liability protection.

INCREASED COVERAGE AMOUNTS:
•   Arson Reward including Theft — $25,000
•  Business Income including Ordinary Payroll occurring within 12 consecutive months after date of
direct physical loss
•   Debris Removal — $25,000
•   Employee Dishonesty — $25,000
•   Employee Dishonesty to Tenant — $25,000
•   Fire Department Service Charge — $25,000
•     Forgery or Alteration — $25,000
•   Ordinance or Law — $25,000
•   Money and Securities — $25,000 on premises;
$10,000 off premises

•   Outdoor Property — $5,000 per tree, plant or shrub;
$25,000
•   Personal Effects — $10,000
•   Personal Property Off Premises — $25,000
•   Personal Property of Others not in Insured’s Care, Custody, or Control — $10,000
•   Pollutant Cleanup and Removal — $25,000
•   Valuable Papers and Records — $50,000 on premises;
$50,000 off premises
•   Water Backup from Sewer, Drain, Sump, or Sump Pump — $10,000; $20,000 aggregate

ADDED COVERAGES:
•   Employees’ Tools — $5,000 ($100 per tool)
•   Fine Arts — $25,000
•   Property at Fair or Exhibition — $15,000

LIABILITY ENHANCEMENTS:
•   Damage to Premises Rented to You — $300,000
•     Medical Payments — $10,000
•   Product Recall — $25,000; $50,000 aggregate
•   Extended Property Damage Coverage
•    Blanket Waiver of Subrogation
•   Increased Supplementary Payments Coverage
•     Water Damage Legal Liability — $25,000

GMBP 6662-PH  (04-16)

These summarized coverage descriptions are intended for reference and do not include policy
conditions, exclusions, or limitations. For a complete description of the policy features, consult
your Grinnell Mutual agent.

Apartment Building Insurance information coming soon.

 

At Smith D&L Insurance in Independence, Iowa, we’ve got a solution for you.

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Serving Independence, Iowa, Waterloo, IA, Cedar Rapids, IA (Buchanan County, Black Hawk County, & Linn County) and the surrounding areas.

Smith D&L Insurance

601 1st St. W.
Independence, IA 50644

319-334-6066

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