Under the "building" section of a commercial property policy, which value is typically excluded?

In the context of a commercial property policy, the value typically excluded under the "building" section is the construction materials on-site for a new building. This exclusion is significant because coverage for buildings usually pertains to completed structures rather than materials that are still in the planning or construction phase.

Construction materials are excluded because they are not considered part of the finished property until they are incorporated into the structure itself. This distinction helps clarify the coverage offered by the policy, ensuring that it focuses on the value of the building that is already complete and operational rather than items that might be used in future construction, which could introduce uncertainty in assessing the property's value.

In contrast, the building structure, selling price after depreciation, and installed fixtures are generally covered under a commercial property policy, as they represent completed work or integral parts of the building that contribute to its overall value and functionality. Including these items aligns with the purpose of property insurance, which is to protect against the loss of completed structures and their essential components.