Commercial Package Policies

Front 1

______________ combines one or more monoline policy into one contract. These packages help to eliminate coverage gaps and coverage overlaps, and can result in reduced premiums.

Back 1

Commercial Package Policy

Front 2

_________________ is a Commercial Package Policy containing property and liability coverage designed specifically to meet the insurance needs of a small and medium sized businesses.

It automatically includes business income and extra expense coverage for up to 12 months

Back 2

Business Owners Policy

Front 3

General Eligibility Criteria for a BOP

Unless otherwise indicated, 1. _____________ square feet is the largest area the risk can occupy and its gross annual sales cannot exceed 2. __________________

Back 3

1. 35,000

2. $6,000,000

Front 4

The Following Risks cannot be covered under the BOP

Back 4

• Auto Repair or Service Stations
  
• Household personal property
  
• auto motor home mobile home and motorcycle dealers
  
• insureds who use business location for manufacturing
  
• one or two family dwellings
  
• bars and night clubs
  
• parking lots or garages
  
• places of amusement
  
• condominium associations
  
• wholesalers that are ineligible wholesale risks
  

Front 5

Businessowners Coverages

Back 5

Section I - Property Coverages

Coverage B- Business personal property

Covers replacement cost of the business personal property (unless the insured chooses ACV) owned by the insured, usual to the occupancy of the insured, at the premises described in the Declarations or within 100 feet of the premises, such as:

- property owned by the insured and used in the business

-property of others in the insured's care, custody and control

-Tenant's improvements and betterments

Front 6

Vacancy Clause

Back 6

If the premises has been vacant for more than 60 consecutive days, prior to a loss, coverage for certain perils are automatically suspended or limited. Examples are: vandalism, sprinkler leakage, building glass breakage, water damage, theft or attempted theft, Payment for loss caused by all other perils is 15%

Front 7

Deductible on Property Claims

Back 7

$500 is the standard deductible for property losses

Front 8

BOP come with a minimum of WHAT coverage per occurrence?

Back 8

$300,000

Front 9

What liability provides coverage for any auto that is not owned, borrowed, or hired by the insured?

Back 9

Non-owned auto liability

Front 10

what coverage is for autos leased, hired, or owned by the insured?

Back 10

Hired auto liability

Front 11

What covers loss or damage to property caused by an interruption in water, communication, or power supply service?

Back 11

Utility Services Direct Damage Coverage endorsement

Front 12

Covers loss of business income and extra expense that occurs due to an interruption in utility service.

Back 12

Utility Services Time element coverage endorsement

Front 13

What is the endorsement that requires the insured to maintain the protective devices or services listed on the endorsement on specified property as a condition of the policy?

Back 13

The Protective Safeguards Endorsement