Insurance for shopping centers and retail plazas.

Property, loss of rents, and liability for strip centers and retail plazas, including the parking lot, the pylon sign, and the restaurant tenant whose kitchen shapes the rate for the whole building.

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What shopping center owners usually carry

Buildings at replacement cost
Loss of rents
General liability, $1M / $2M
Umbrella
Signs and outdoor property
Equipment breakdown
Ordinance or law

Watch for these in a shopping center policy

Restaurant tenantsOne restaurant can move the fire rate for every tenant under the same roof. Carriers ask about hood suppression, cleaning schedules, and who inspects them.
Freestanding signsMany property policies cover a pylon or monument sign only in part, or not against wind. List each sign with its own value.
The parking lotFalls in the lot and on the walks drive many center claims. Your leases decide who clears snow and patches potholes, and your policy should match what they say.
Tenant certificatesEach lease should require liability naming you as additional insured on CG 20 11. A tenant whose policy lapsed sends its claims to yours.
A dark anchorWhen an anchor closes, its space can sit empty for months. If that anchor had its own building, the 60-day vacancy condition can apply to it.

What lenders and anchor tenants ask shopping center owners for

Additional insured for common areasNational and anchor tenants often want to be named on your liability for the parking lot and walks.
Waiver of subrogationAnchor leases usually call for a mutual waiver on property, so neither side’s carrier sues the other after a fire.
Loss of rentsRental value in most forms includes the tax and common area charges tenants pay you. Lenders want the limit sized on the full amount.
Ordinance or lawLenders on older centers ask for it, since a rebuild after a big loss has to meet current code.

Questions shopping center owners ask

Straight answers.

The questions we hear most, answered plainly.

Who insures the parking lot, me or my tenants?

Usually you, since you control the common areas. Leases can shift upkeep to tenants, but an injury in the lot is usually claimed against the owner first.

Does my policy cover a tenant’s store after a fire?

Your policy covers the building. The tenant’s fixtures, stock, and lost sales are theirs to insure, which is why the lease should require it.

How is shopping center insurance priced?

Property is priced on rebuild cost, construction, sprinklers, and the tenant mix. Liability is often priced on square footage, and restaurants, bars, and gyms push both up.