The 2006 edition of the ISO businessowners policy
maintained the same eligibility criteria as the 2002 edition.
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.
Even though the damage to the property is insured on the businessowners policy
, the lost-opportunity cost of not being able to use the premises would not be added to the amount paid.
The War or Terrorism Exclusion (BP 05 13) endorsement may be added to the businessowners policy
to eliminate bodily injury, property damage, and personal and advertising injury arising out of terrorism.
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
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.
The possibility of this occurring may seem fairly remote since the businessowners policy
coverage territory is limited to the United States, Puerto Rico, and Canada.
announces the release of the latest addition to its NexGen products offering--NexGen BOP--which supports the full policy lifecycle of ISO's Businessowners Policy
(BOP) line of business.
The businessowners policy
contains several limits that require the payment of a premium and several automatic increases in the limits of insurance that are provided in the policy at no additional premium.
Since the businessowners policy
provides business income and extra expense coverage, an insured may not delay the resumption of business operations.