ELIGIBILITY, POLICY ORGANIZATION 1. Eligible Occupancies The eligibility rules for the BOP are more stringent than those for the CPP, which can be used to cover almost any commercial risk. Specific rules of eligibility that deal with the size of buildings and the specific type of business involved determine what risks are eligible to …
The eligibility rules for the BOP (Business owners Policy) Read More »
The Business owners Policy The businessowners policy (BOP) is a commercial package policy that provides property and liability insurance to certain types of small businesses. While the CPP allows the insured to choose the coverages to be included in the CPP, the businessowners policy prepackages a group of coverages desirable to small businesses. Many …
COMMON POLICY CONDITIONS The common policy conditions apply to all of the coverage parts contained in the CPP. Under the common policy conditions, certain responsibilities and obligations are assigned to the first named insured—the person whose name is listed first in the declarations. It is necessary to specify the first named insured because the CPP …
What is found in the common policy conditions for a CPP? Read More »
COMMON POLICY DECLARATIONS Although we’ll discuss the individual coverage parts of the CPP in subsequent article, in this article we’ll review the two general forms that are a part of every CPP and are also included in any monoline policy issued using CPP forms: the common policy declarations and the common policy conditions. The …
Common Policy Declarations of Commercial Package insurance Read More »
The Commercial Package Policy 1. INT RODUCTION In this article, we’ll discuss insurance policies designed for businesses. Because businesses share many of the same exposures to risks as individuals do, you will find many similarities between personal and commercial forms. Businesses also have many unique exposures that require different policies or modifications to the coverages …
What is included in a commercial package policy? Read More »
FAIR PLANS The extensive inner-city rioting that took place in the United States in the mid-1960s led to the withdrawal from those areas of much of the availability of property insurance. This made it very difficult for mortgage companies and lenders to operate in those areas and, thus, difficult for individuals to meet insurance …
Personal umbrella insurance ?Who needs umbrella insurance Some insureds need more extensive liability coverage than can be provided by personal lines policies. This need can be met through a personal umbrella policy, which has two important purposes: ■Provide additional liability insurance over and above the basic coverage provided by underlying liability insurance ■Cover some …
Personal watercraft insurance 1. Boatowners and Outboard Motor and Boat Policies The homeowners policy provides only limited coverage for watercraft. Property coverage is subject to a special limit of $1,500, and coverage may be totally excluded for certain perils. Liability coverage is excluded for boats with motors of more than specified horsepower or boats of …
Personal inland marine insurance The homeowners policy can cover many of the risks to which an average household is exposed. But there are certain risks for which the insured will require additional coverage. The homeowners forms contain exclusions and limitations for certain types of property that are particularly susceptible to loss, difficult to value, …
Mobile Home Insurance Eligibility rules for the standard homeowners policy specifically exclude mobile homes. Although mobile homes share many characteristics of dwellings, they also have unique exposures: high susceptibility to wind and fire damage and exposure to loss by collision or upset while the unit is being transported. The dwelling policy can be used …