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A Safe Haven for Some but for a Limited Period

Summary: It is probably safe to say that most commercial property coverage forms include an extension that will automatically cover an insured’s newly acquired or constructed property for a certain period of time and a for limited amount. The same goes for newly constructed property. Both of these extensions are designed to protect named insureds who forget to contact their producers when new exposures arise. It is common knowledge that producers are the last to know when new exposures arise. The problem, of course, is that, while, a commercial property coverage extension may appear to be activated, closer scrutiny may reveal certain strings attached. If, however, the named insured is fortunate enough to meet the coverage criteria, within the given timeframe, it will have the opportunity to pass off any covered loss to the insurer.

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