How would you define a shopping center? If you are like some people, a shopping center may mean a large building occupying a sizable space of property where shoppers can come to shop indoors at a variety of stores. If you are like others, you may see it as a shopping strip that encompasses various retail outlets that shoppers can individually enter via the outside.
The insurance companies and related agencies see the shopping center according to general and specific risk exposure while taking a scrutinizing glimpse at where liability may crop up for the shopping mall or strip owner.
Of course, this way of looking at a shopping hub emphasizes where bold underscores are positioned in regard to protective coverage, is advantageous to those seeking a related policy. After all, insurance claims are based on the reality of hazard exposure and with the national news sources and social media posts highlighting shopping mall incidents, business owners are made painfully aware of the responsibility that belongs to them alone.
So, for the sake of ease, we bring the insurance issue in a summarized form.
The How and Why of Shopping Mall Insurance - An Overview
Not every shopping mall is the same. In respect to indemnity, this is certainly the case. The industry distinguishes the difference by studying certain physical aspects:
a) Does the shopping center have a high absorption of property and contents?
b) Is does it contain big floor space that is not divided?
c) Does it have adequate window space?
d) Are any commercial tenants a hazardous risk?
e) Do auto parking lots, sidewalks and adjoining outdoor spaces present particular risks?
Of specific interest to the insurance underwriters is what sort of renters are in the building. While evaluating, they want to know if the mall contains business that attracts crowds. Does the mall include:
• A supermarket
• Cafes and bistros
• Bowling centers and the like
• Movie theaters
All of the above add to the exposure, as well las the need for more customized coverage protection.
Abridged Explanation of Shopping Strip Insurance
When it comes to insuring a shopping strip, insurers have to know the risk factor. For example, does the strip have one tenant or multiple tenants? Additionally, although the strip does not have the same exposures as the mall in regard to a common interior that they are liable for, the strip's owner is responsible for the parking lot and shared sidewalks from which customers access the stores.
For more on this important topic, contact a professional independent agency that has your best interest in mind.
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