Commercial property: buying
Buying a property? Get insurance off the closing checklist early.
Lenders won't fund until coverage is bound and documented the way they require. We start as soon as you're under contract.
What usually goes wrong
- Insurance starts late, after inspections and financing, and becomes the last open item.
- The evidence of insurance has the wrong mortgagee wording, so the lender sends it back.
- The seller's loss history or the building details come in late, and insurers can't quote.
How we handle it
-
Step 1: Start at contract.
Tell us the address, the closing date, and the lender.
-
Step 2: We request the seller's loss runs and building details early.
Loss runs are the insurer's report of past claims. We ask for them through you or your broker, because insurers won't quote without them.
-
Step 3: We read the lender's insurance requirements.
Then we build the submission to match them, including the mortgagee clause: the policy wording that protects your lender's interest.
-
Step 4: You compare options with your broker.
Side by side, with limits, deductibles, and exclusions spelled out.
-
Step 5: We bind for your closing date.
We send the binder (temporary written confirmation of coverage) and the evidence of property insurance to your lender and escrow.
What to have ready
- Purchase agreement date and closing date
- Property address
- Lender name and contact
- The lender's insurance requirements
- The offering memo or rent roll, if you have them
- The seller's loss runs (we can help request them)
Don't have everything? Start anyway.
Timeline
Every step is planned back from your date.
- Under contract
- Seller's loss runs and building details requested
- Submission built to the lender's requirements
- Options compared with your broker
- Coverage bound, documents to lender and escrow
- Closing date
Common questions
How early should we start before a closing?
As soon as you're under contract. Insurers need property details and loss history to quote, and some properties take longer to place.
What do you need from us?
Your current policies if you have them, a statement of values, five years of loss runs, and your lender's insurance requirements. Missing something? Start anyway.
Can you deliver documents directly to our lender?
Yes. We send the binder, evidence of insurance, certificates, and endorsements to your lender and escrow.
Do you work with surplus lines insurers?
Yes, when the standard market can't place a property. We'll explain what that means for your coverage before you decide.
Have a date coming up?
Tell us what's happening and when. Your broker will reply within one hour on business days.