The 2006 edition of the ISO businessowners policy
maintained the same eligibility criteria as the 2002 edition.
Apartment buildings of any size, including residential condominium associations, are eligible for a businessowners policy
. The premises may also include these incidental occupancies--the premises are primarily an apartment building but may also be eligible if they include:
The 2010 edition of the ISO businessowners policy
has further expanded eligibility by raising total floor square footage from 25,000 to 35,000 and increasing annual gross sales from $3,000,000 to $6,000,000 per location.
If no other insurance applies (such as a builders risk policy or another commercial policy) to additions under construction, alterations, and repairs to buildings and structures, then this businessowners policy
(BOP): A package of property and liability insurance for small and medium size businesses, the BOP owes its origin to the success of the homeowners policy.
This exclusion also applies to the insured that is, or absent a businessowners policy
would be entitled to indemnity from the United States government or agency.
In other words, collapse coverage applies only if caused by specified causes of loss as defined in the property definitions section of the businessowners policy
. For example, if fire, windstorm, or explosion--all specified causes of loss--causes a building to collapse, coverage applies.
Amendment--Liquor Liability Exclusion--Exception For Scheduled Activities (BP 04 19)--There are three endorsements that address liquor liability issues under the businessowners policy
. Two endorsements add coverage and are addressed in the additional coverage endorsement section of this chapter.
Some of the coverages currently available for small businesses through Marketplace include Chubb's businessowners policy
and workers compensation, auto, umbrella, cyber, property, general liability, management liability and others.
Society Insurance Company provided coverage for the insured under a businessowners policy
. The insurer argued that the complaint did not trigger a duty to defend because the claims did not arise out of an occurrence because the doormen's actions in refusing the men entry to the nightclub were not accidental.
The only substantive change in the 2010 edition of the businessowners policy
's coverage extensions is to the outdoor property extension (6.c.).
"That was really the need [during] Sandy, and it was a surprise to us because of the product we provide in our Spectrum Businessowners policy
," said Sprague.