Your current policy may not cover this type of incident, but NTIS does:
A fire rips through the upper floor of your Victorian-era office building, damaging the hand-carved moldings and stylized plaster work. A standard insurance policy will cover damages from the fire, but it won't cover the costs to replace the historic features that set your building apart and attract the best tenants.
This is what sets our cornerstone product, Historic Property Replacement Cost coverage, a part. It allows the insured the flexibility at the time of loss to restore the structure back to it's original splendor.
Historic Replacement Cost is the cost to repair or replace with the same materials, workmanship, and architectural features as the original building. If they aren't reasonably available, the carrier will pay to replace or repair with materials, workmanship, and architectural features that most closely resemble those present before the loss.
A few other key features of our specialized program:
Agreed Value is the valuation method where the property insurance limit is stated as the "amount agreed upon" by both the insurance company and your Organization. In the event of a total loss, the insurance company will pay the full amount stated on the policy, without depreciation, co-insurance, or other influence. In the event of a partial loss, Replacement Cost valuation without a deduction for depreciation or co-insurance will be used to determine the loss settlement. The amount of loss payment cannot exceed the applicable limit of liability shown in the declarations of the policy, nor the amount it would cost to repair or replace such property with material of like kind and quality, within a reasonable amount of time after a loss. Agreed Value coverage waives the co-insurance clause when a signed statement of values is maintained on file with the insurance company.
Guaranteed Replacement Cost is available on buildings only, in the event of a loss where the total insured value is deemed inadequate to replace the damaged portion. There is no cap on this coverage.
Cash Settlement Option- In the event of a total loss to a building within your portfolio, the Organization may elect to receive a cash settlement based on the Agreed Value limit contemplated during rating. There is no requirement to rebuild or replace in the event a building is totally destroyed. Cash Settlement will be paid based upon the Agreed Amount as stated in the policy declarations, and applies to the building only. Most policies contain a cash out option that deducts for depreciation. This can be 40-50% less than the stated value on the policy.
Blanket Limits of insurance allows the Organization to combine property limits of multiple locations, providing a sum total limit of insurance. The Organization has the total limit of blanket insurance on any given individual loss.