Property Insurance for Your Retirement Community

CCRC property insurance is coverage for continuing care retirement communities, offering financial protection for your facility’s property, extending beyond the building to include contents and other items as well. Coverage can be quite comprehensive for losses involving standard items, except for those specifically excluded by the policy. In fact, many policies cover several non-standard items as well, such as:

Breakdown of equipment, such as your computers, electrical equipment, or boilers. Such a failure would seriously hamper your ability to maintain a well-run facility.

Losses of an indirect nature, such as occurrence of a crisis event, an outbreak of a communicable disease (remember that rash of whooping cough that swept through the facility last winter and resulted in a quarantine?), or contaminated food—so it would cover, for example, the claim arising from the incident where tainted potato salad served at the company picnic resulted in the death of one of the people who ate the contaminated food.

Property that has been newly constructed or recently acquired.

Emergency evacuation of the facility.

Life-saving devices known as automated external defibrillators (AEDs), used to shock a stricken person’s heartbeat when it stops beating regularly.

Your facility may have the option of adding additional coverage to the policy to extend protection via a variety of endorsements, such as:

Crime insurance—offering protection from theft or incidents of employee dishonesty, forgery, or alteration.

Inland marine insurance—offering protection for property that is being transported from place to place, as well as coverage for special kinds of property and more.

Green upgrade coverage—If available, this coverage offers protection for the additional costs, within reason, if you wish to use “green” or environmentally friendly building elements and appliances to replace those lost in a covered accident.

There are just a few of the additional coverages you can add to your CCRC property insurance coverage. To get a comprehensive review of your program and recommendations on how to round out the protection your facility needs, contact a professional insurance agent today.

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