If, for example, an office fire causes you to lease space temporarily at a higher monthly rate, then the additional rent cost would be covered under the policy's extra-expense provision. Similarly falling within extra-expense coverage would be the cost of temporary telephone and computer setups, necessary overtime, and even the cost of communications for advice concerning your temporary circumstances. Valuable papers and records Most property policies exclude from coverage the cost to research, repair or restore information contained in valuable papers and records including that stored in electronic formats or media. Obtain specialized coverage to properly insure valuable papers and records. Valuable papers and records differ from more routine office contents and can include personnel files, contracts, leases, meeting minutes, archival material such as the organization's original incorporating documents, meeting records dating back many years, and rare books and manuscripts.
Fine art is another example of a class of property that requires special coverage.
While the carrier is willing to insure routine office contents on a more or less blanket basis, when it comes to fine art, a schedule of the covered property including an appraisal of each item's value must accompany the request for coverage. Not surprisingly, the cost of fine art coverage tends to be significantly higher than that of more routine office contents. Many nonprofits have property insurance needs that standard property coverage may not adequately cover. For example, office contents more than 100 feet away from the insured's location are considered off premises and are not covered the same way as property remaining at the insured office. Nonprofits quite commonly insure property while it is in transit or while it is temporarily away at a show or a meeting.