Commercial Property (Building)

• Structure, roof, exterior walls, and common areas
• Building systems: plumbing, electrical, HVAC, elevators
• Fixtures, appliances, and landlord-owned contents in common areas
• Replacement Cost or Actual Cash Value valuation - choose based on building age
• Ordinance or Law coverage for code-required upgrades after a covered loss

New Mexico's diverse building stock makes Ordinance or Law coverage especially important - after a covered loss, local code requirements for upgrades can significantly increase costs.

General Liability

• Tenant or visitor bodily injury in common areas, stairwells, and parking
• Property damage you or your employees cause to others
• Personal and advertising injury (libel, wrongful eviction allegations)
• Satisfies NM minimum liability requirement ($500,000+ per occurrence)
• Required for rental registration and compliance

Slip-and-fall claims are among the most common apartment building losses. Limits of $1M/$2M are standard; larger buildings or those with amenities should carry more.

Loss of Rents (Business Income)

• Replaces rental income while the building or units are uninhabitable after a covered loss
• Covers the restoration period - from damage through inspection and re-occupancy
• New Mexico market rents: factor current averages into your limit
• Particularly valuable for multi-family buildings where a single event can displace multiple households

With New Mexico's inspection processes, re-occupancy after a significant loss can take longer than in other markets - set your loss-of-rents period accordingly.

Flood Insurance

• Excluded from all standard commercial property policies - requires a separate policy
• NFIP (National Flood Insurance Program) or private market options
• Covers building structure and foundation from flood-related water damage
• New Mexico risk factors: flash floods and river overflow
• Private flood can offer higher limits and faster claims than NFIP

We assess parcel-level risk for your building's address - even properties outside FEMA high-risk zones can have meaningful exposure in New Mexico.

Commercial Umbrella

• Adds $1M - $10M+ of excess liability above your GL and other underlying policies
• Activates when a judgment or settlement exceeds your underlying policy limits
• Covers the same perils as underlying GL - bodily injury, property damage, personal injury
• Often required by commercial lenders and mortgage holders on larger buildings

For multi-unit buildings with high tenant density, umbrella coverage is a cost-effective way to protect against high-severity claims.

Equipment Breakdown

• Sudden mechanical or electrical failure of covered systems
• Boilers, HVAC systems, elevators, electrical panels, and central cooling
• Repair or replacement costs not covered by standard property policies
• Business income loss from a covered equipment breakdown

Older buildings with aging mechanical systems are particularly exposed. A boiler failure in winter can generate both repair costs and tenant displacement claims.

Workers' Compensation

• Required by NM law for any building with employees (super, maintenance, cleaning staff)
• Medical bills and lost wages for employees injured on the job
• Protects the building owner from employee lawsuits over workplace injuries
• Covers slip-and-fall, lifting injuries, and equipment-related incidents

If you employ a super, porter, or maintenance staff - even part-time - NM law requires workers' comp. Non-compliance fines can be significant.

Hired & Non-Owned Auto

• Covers liability when employees drive personal vehicles on building business
• Applies to supers or maintenance staff picking up supplies or driving to the property
• Fills the gap left by personal auto policies, which exclude business-use liability

Often added as an endorsement to your GL or BOP. Essential if any employee or contractor drives their own vehicle on your behalf across New Mexico.

Rental Property Registration

All New Mexico rental properties - including single-family rentals, two-families, and multi-unit buildings - must comply with state regulations. Registration requires current insurance and a valid Certificate of Occupancy. Failure to register or maintain insurance can result in fines and bar the owner from collecting rent.

Certificate of Occupancy

Before any tenant can legally occupy a rental unit, the property must pass inspection and receive a Certificate of Occupancy. After a covered loss, the building must be re-inspected and a new CO issued before re-occupancy. This process extends the loss-of-rents period and should be factored into your Business Income limit.

NM Minimum Liability

New Mexico law requires rental property owners to carry liability insurance with minimum limits of $500,000 per occurrence for most rental buildings. Proof must be filed with the municipality annually. Most insurers and lenders recommend $1M/$2M - we'll set the right limit and provide the required certificate.

Lead Paint Disclosure

New Mexico's older housing stock means lead paint disclosure and remediation obligations apply to many rental properties. A lead-related illness claim from a child tenant can generate significant liability exposure. Confirm your GL policy responds to lead claims - some carriers exclude or sublimit lead-related bodily injury; we'll review the form language before binding.