Commercial Coverage Comparison

Building and Business Personal Property
Building & Business Personal Property - Commercial Multi Peril

Coverage
Description

Citizens Commercial Multi Peril

Safepoint Insurance Company

Comments or
Explanations

Coverage Type

Basic Form, CP 10 10 06 07

Basic form, CP 10 10 06 07 

Broader coverage availiable subject to underwriting review and approval

Valuation Basis

Replacement Cost for Building and Business Personal Property

Replacement Cost for Building and Business Personal Property

No change in terms

Tenants Improvements & Betterments Valuation Basis

Replacement Cost

Replacement Cost

No change in terms

Minimum Building Limits

$100,000

$100,000

No change in terms

Maximum Building Limits Available

$2,500,000 based on 100% Replacement Cost of building limit, including First Loss  

$2,500,000 based on Replacement Cost of building limit. First Loss is not provided by SafePoint.

Policies assumed from Citizens will be offered renewal limits per expiring. Higher building limits may be available up to $5,000,000, subject to underwriting review and acceptability.

Minimum limits for Business Personal Property

N/A

$25,000

Policies assumed from Citizens will be offered renewal limits per expiring. Higher limits up to $2,000,000 may be available and are subject to underwriting review and acceptability.

Maximum limits for Business Personal Property

$2,000,000

$2,000,000

No change in terms

Total Insured Values on Policy

$4,500,000

$5,000,000

Total combined limits on policy. 

Coinsurance 

100% of Replacement Cost

100% of Replacement Cost

SafePoint is able to offer 80% and 90% Coinsurance options based on Replacement Cost of building limit.

Wind & Hail Deductible

2%, 3%, 5%, 10%, 15% and 20%

2%, 3%, 5%, and 10% options are available

Policyholders with higher than 15% and 20% Wind & Hail Deductible will be offered at renewal 10% Wind & Hail Deductible.

All Other Perils Deductible

Minimum of $1,000 up to $100,000;

Minimum of $1,000 up to $25,000; Financial Statements are required for AOP deductibles $15,000 and higher.

Policyholders with higher than $25,000 AOP deductibles will be offered at renewal optional deductible amount.  

Sinkhole Coverage

Available with Citizens 

Available with SafePoint

Specific counties require sinkhole inspections.

Optional Coverages

Certified Acts of Terrorism
Sinkhole Coverage

Certified Acts of Terrorism
Sinkhole Coverage

Renewal Offers for Assumption policies will be issued per expiring terms. 

Coverage Enhancements

Not available with Citizens

The following additional coverages may be available with SafePoint:
Special Form, CP 10 30
Business Income
Property Extension Endorsement
Equipment Breakdown

Policies assumed from Citizens will be offered renewal terms per expiring. Coverage Enhancements may be available if requested and are subject to underwriting review and acceptability.

Building & Business Personal Property - Wind Only Policies

Coverage
Description

Citizens Commercial Multi Peril

Safepoint Insurance Company

Comments or
Explanations

Coverage Type

Wind Only

Wind Only

No change in terms

Valuation Basis

Replacement Cost for Building
Actual Cash Value for Business Personal Property

Replacement Cost for Building and Business Personal Property

SafePoint offers Replacement Cost for Business Personal Property

Tenants Improvements & Betterments Valuation Basis

Actual Cash Value

Replacement Cost

SafePoint offers Replacement Cost for Improvements & Betterments

Minimum Building Limits

N/A

n/a

Policies assumed from Citizens will be offered renewal limits per expiring . 

Maximum Building Limits Available

$1,000,000 for total limits
(Building, Business Personal Property, and Improvements and Betterments combined)

$1,000,000 for total limits
(Building, Business Personal Property, and Improvements and Betterments combined) with renewal option to write full Replacement Cost Value up to $5,000,000

Policies assumed from Citizens will be offered renewal limits per expiring. For policies with First Loss cover, SafePoint is able to provide full RCV limits for Wind only policies up to $5,000,000.

Minimum limits for Business Personal Property

N/A

N/A

Policies assumed from Citizens will be offered renewal limits per expiring . 

Maximum limits for Business Personal Property

$1,000,000 for total limits
(Building, Business Personal Property, and Improvements and Betterments combined)

$1,000,000 for total limits
(Building, Business Personal Property, and Improvements and Betterments combined)

Policies assumed from Citizens will be offered renewal limits per expiring. Higher limits may be available subject to underwriting review and acceptability.

Total Insured Values on Policy

$1,000,000 Total Combined Limit

up to $5,000,000 Total Combined Limit

SafePoint reserves the right to offer higher limits for Wind Only policies subject to underwriting review and acceptability.

Coinsurance 

80%, 90% and 100%; 
Agreed Value on First Loss policies

80%, 90% and 100%.
Agreed Value is not available with SafePoint. 

SafePoint does not provide First Loss coverage. Replacement Cost limits may be available for wind only, up to $5,000,000 subject to underwriting review and acceptability.

Wind & Hail Deductible

2%, 3%, 5%, 10%, 15% and 20%

2%, 3%, 5%, and 10%

Policyholders with higher than 15% and 20% Wind & Hail Deductible will be offered at renewal 10% Wind & Hail Deductible.

Optional Coverages

Certified Acts of Terrorism

Certified Acts of Terrorism

Renewal Offers for Assumption policies will be issued per expiring terms. 

Coverage Enhancements

Not available with Citizens

Not available with SafePoint for Wind Only policies

Policies assumed from Citizens will be offered renewal terms per expiring. 

Contact Information:

24 Hour Claims:
855-CLAIM15
Personal Lines:
877-858-7445
Commercial Lines:
844-722-9985
This company was issued a rating by the A.M. Best Company, click for additional details
FSR for SAFEPOINT INSURANCE COMPANY

Customer Service

Phone: 877-858-7445
Fax: 813-906-6474
underwriting@safepointins.com
billing@safepointins.com

Payments

Safepoint Insurance Company
P.O. BOX 292547
Tampa, FL 33687

Overnight Mail

Safepoint Insurance Company
8761 N 56th Street
Box 292547
Tampa, FL 33617