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
Property, liability, or health coverage above the primary amount of insurance. For example, the primary coverage is $100,000 and the excess insurance is $1 million. After the losses exceed ...
form of BOILER AND MACHINERY INSURANCE that covers power generating plants. form of BUSINESS INCOME COVERAGE FORM that covers a utility customer's losses resulting from interruption of ...
Insurance that covers each and every loss except for those specifically excluded. If the insurance company does not specifically exclude a particular loss, it is automatically covered. ...
Coverage for suits brought by a plaintiff as the result of bodily injury incurred while using an elevator on the insured's premises. ...
Coverage on real property written to have no time limit. A single deposit premium pays for insurance for the life of the risk. The insurer earns enough investment income on the deposit to ...
Legal procedure through which a court determines the rightful claimant (of two or more claimants making the same claim) against a third party. Insurance companies use interpleader if claims ...
number of serious injuries per 1,000,000 employee-hours worked. ...
Claim, such as a worker's lien, to property under the care, custody, and control of another. This situation occurs when a worker is not paid for labor provided. For example, a carpenter ...
Insurance written on the personal and real property of an individual (or individuals) to include such policies as the home owners insurance policy and personal automobile policy. ...
Have a question or comment?
We're here to help.