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Typical categories of risks (may vary by carrier) eligible for a BOP policy include:
Lessors’ Risks:
Apartment buildings (including residential condominium associations) not exceeding six (6) stories in height and containing no more than 60 dwelling units. Incidental office and eligible mercantile, service or processing occupancies which do not exceed 15,000 total square feet are permitted.
Office buildings (including office condominium associations) occupied principally for office purposes, not exceeding six (6) stories in height or 100,000 square feet. Incidental eligible mercantile occupancies which do not exceed 15,000 square feet in total are permitted.
Processing and Servicing Risks:
The following requirements must be met in order for processing, servicing, and retail risks to be eligible for coverage under the BOP Policy:
(1) No more than 25% of gross sales may be from off-premises operations.
(2) The risk cannot occupy more than 15,000 square feet in total area, and
(3) The annual gross sales per location do not exceed $1 million.
THE DESCRIPTION OF THE BOP COVERAGE’S BELOW IS INTENDED AS AN OVERVIEW OF AVAILABLE COVERAGE’S. PLEASE READ THE APPLICABLE FORMS AND ENDORSEMENTS FOR COMPLETE BOP POLICY TERMS, INCLUDING DEFINITIONS, CONDITIONS, AND EXCLUSIONS.
Policy Form
Typical BOP Policy package consists of three (3) standard forms of commercial coverage (Common Policy Conditions, Standard Property Coverage Form, and Business owners Liability Coverage Form) for which an indivisible package premium is charged. The standard form includes Building coverage and Business Personal Property on a replacement cost basis, with an ACV (actual cash value) option for building coverage. Business Income and Extra Expense coverage is included on an “Actual Loss Sustained” basis.
Perils covered are fire, lightning, explosion, windstorm or hail, smoke, aircraft or vehicles, riot or civil commotion, vandalism, sprinkler leakage, sinkhole collapse, volcanic action, and transportation. In addition, the liability portion of the policy includes protection for business liability and medical expenses.
Typical BOP Policy Coverages Available
Building – Includes coverage for the building, completed additions, permanently installed fixtures, machinery, and equipment, outdoor fixtures and furniture, floor coverings, and other similar property typically used to maintain the building.
Business Personal Property – Covers business personal property (as defined in the policy) in or on the building or in the open within 100 feet of the described premises.
Personal Property of Others – Covers personal property of others in the care, custody, and control of the insured within the described premises or within 100 feet of the described premises.
Replacement Cost – The BOP policy is written on a replacement cost basis for qualifying properties. Buildings 25 years or older must have upgraded the roof, wiring, plumbing and heating within the last 25 years to qualify. Properties that do not qualify for replacement cost will be written on a fair market value/actual cash value basis.
Business Liability – Includes coverage for bodily injury, property damage, personal injury and/or advertising injury. Coverage applies only to those premises and operations listed in the BOP Insurance Declarations.
Medical Expenses – Covers medical expenses for bodily injury caused by a covered loss.
Deductibles – Every policy has a deductible to be applied once per covered loss. The standard deductible is $500. Other deductibles available are: $1,000 and $2,500.
Additional Coverages
Debris Removal – Provides up to 25% of the amount we pay for direct physical loss or damage to the covered property.
Preservation of Property – Covers the direct physical loss or damage to covered property while it is being moved or temporarily stored at another location to preserve it from loss or damage from a covered peril.
Fire Department Service Charge – Up to $1,000 of the liability limit for fire department service charges contracted prior to a loss or required by local ordinance.
Pollutant Cleanup and Removal – Up to $10,000 for expenses to extract pollutants, as defined by the policy, from land or water at the described premises if the release, discharge or dispersal of the pollutants is caused by a covered peril.
Protect Business Income – Coverage for the actual loss of business income sustained due to the necessary suspension of operations caused by a covered property loss during the period of restoration, as defined by the policy.
Extra Expense – Provides coverage for the extra expenses incurred to avoid or minimize the suspension of business and to continue operations.
Possible BOP Insurance Policy Coverage Extensions.
Limited coverage for the following extensions is in addition to the limits of insurance at no additional charge.
Personal Property at Newly Acquired Premises – Provides up to $10,000 coverage for up to 30 days for Business Personal Property at any newly acquired property.
Your Personal Property Off Premises – Covers Business Personal Property for up to $1,000 while in transit or at property not owned, leased, or operated by the insured.
Your Outdoor Property – Provides coverage for fences, radio and television antennas, signs (not attached to buildings), plants, shrubs, and trees caused by fire, lightning, explosion, riot or civil commotion, or aircraft damage. Coverage is up to $1,000 with a $250 per item limit for trees, shrubs, and plants.
Your Valuable Papers and Records – Cost of Research – Provides up to $1,000 coverage to research, replace, or restore lost information on lost or damaged valuable papers and records (including electronic or magnetic media).
BOP Insurance Policy Optional Coverages
Most companies will, for an additional premium, offer the following optional coverages that may be requested subject to meeting the necessary underwriting requirements.
| Burglary and Robbery: | Maximum limit is $15,000 or 25% of business |
| personal property, whichever is less. | |
| Money and Securities: | $5,000 on Premises |
| $2,000 off Premises |