Which of the following statements is NOT true regarding commercial property insurance?

The statement regarding commercial policies only offering named-peril coverage due to complexity is not accurate. In reality, commercial property insurance can offer both named-peril and all-risk (or open-peril) coverage options. Named-peril coverage insures against specifically listed risks, while all-risk coverage protects against all perils except those specifically excluded in the policy. The availability of both types allows businesses to choose the kind of protection that best suits their needs, making the statement about complexity misleading.

Furthermore, the other statements are true. Commercial policies do generally exclude coverage for farms and 1-4 family dwellings, as those types of properties are typically covered under different insurance products. Additionally, while commercial property policies primarily cover business-related assets, they often include a provision for the protection of employees' personal property while on the premises, which acknowledges that employees may bring personal items to work that could need coverage if damaged. Lastly, it's common for commercial property coverages to be determined on an actual cash value basis, which takes depreciation into account when settling claims, reinforcing the necessity of understanding the nuances within commercial insurance policies.