Business Owners Policy (bop)
Definition of "Business owners policy (bop)"
Combination property, liability, and business interruption policy. It is usually written to cover expenses of small and medium size businesses resulting from damage or destruction of business's property or when actions or non actions of the business's representatives result in bodily injury or property damage to another individual (s). Businesses that qualify under this heading include office buildings three stories or under not to exceed 100,000 square feet; apartment buildings six stories or under not to exceed 60 dwelling units; any other buildings not to exceed 7500 square feet for mercantile space, occupied principally as an apartment, office, or engaging in trade or commerce. Properties that cannot be insured under this policy include banks, condominiums, bars, restaurants, automobiles, recreational vehicles, contractor functions, and manufacturing operations.
Popular Insurance Terms
Effective proprietor of a business. Under the tax reform act of 1986, a uniform accrual rule prevents a qualified pension plan from being weighted in favor of the substantial owner of the ...
Arbitrator who settles disputes over the amount of loss when an insurer and an insured do not agree. ...
Will written totally in the handwriting of that individual whose name appears on the will. ...
Expectation of illness or injury. The probability of such occurrence is shown by a morbidity table, which is important in determining the premiums for health insurance policies. ...
Same as term Expense Allowance: payment to an insurance agent in addition to commissions. Expense allowances, that differ from company to company, vary with the amount of business agents ...
Coverage for business firms operating abroad to insure them against loss due to political upheavals including war, revolution, confiscation, incontrovertibility of currency, and other such ...
Payment of an employee's employee benefit insurance plan benefits to the employee's individual retirement account ( IRA) or to another plan maintained by the employer. ...
Decision in the absence of a plaintiff or defendant at the specified court time. ...
Coverage for items that are on consignment, including exhibits, goods up for auction, and goods awaiting someone's approval. The stipulation for coverage is that these items cannot be under ...
Have a question or comment?
We're here to help.