Special form coverage specifically drafted for our members.
Property coverage is designed to pay for covered losses to real and personal property such as buildings and equipment. VAcorp provides members with the most extensive property coverage available. Our property coverage is “Special Form,” which means that all perils are automatically covered except for those that are specifically excluded. With VAcorp your property is covered with a blanket limit, meaning the total scheduled value of all your covered properties making up your total coverage limit.
We automatically cover your buildings and contents on a replacement cost basis unless otherwise stated. That means that we pay to repair, rebuild, or replace your property with property of a comparable size, material, and quality, at the same use to restore you to pre-loss conditions. We automatically cover buildings valued under $500,000 added to your schedule throughout the current contract year at no charge until the following year – even if you forget to tell us about the new building.
In addition, we do not include a coinsurance provision in your property coverage. Coinsurance is essentially a penalty that insurance carriers impose if the owner fails to insure the full value of their property. We don’t hold this penalty above members’ heads. Instead, we provide periodic property valuation reports to ensure that we match your coverage to your exposure and you understand the replacement cost value of your scheduled properties.
We pride ourselves on being a one-stop-shop for your coverage needs and simplifying the process of protecting yourself. We include coverage for back-ups of sewers and drains, debris removal, pollutant clean-up, newly acquired property, property in transit, utility services time element, building ordinance/increased cost of construction/demolition, earthquake, volcanic eruption, landslide, and mine subsidence, flood (if outside the 100 year flood plain), architect and engineering fees for plans, specifications, and supervision, improvements and betterments to leased buildings, signs, fences, light poles, antenna, masts, and towers.