Business Owners Policy—section I Property Coverages
Contract that details coverage for business property losses in three specific areas:
- Coverage A (Building). All buildings on the site are covered with no coinsurance requirement and on a replacement cost basis toinclude: the buildings themselves; the owner's personal property used to maintain the building (s) and provided to tenants; permanentfixtures, equipment and machinery; improvements and betterments by tenants; removal of debris; and outdoor furniture and fixtures.
- Coverage B (Personal Property of the Business). All personal property used in the business on the premises, as well as personal property of others under the care, custody and control of the owner of the building used to operate the business; and limited coverage for items temporarily away from the premises of the business as well as for property purchased and placed at a new businesslocation.
- Coverage C (Loss of Income). Reimbursement for loss of income because of inability to collect business rent; interruption of normalbusiness functions; and extra expenses associated with resuming normal business activities as the result of the damage or destructionof business property by an insured peril. (Optionally, under Section I, coverage can be extended to insure against burglary, robbery,theft, employee dishonesty, and boiler and machinery explosion. Earthquake damage can be covered through an endorsement.)
Popular Insurance Terms
Trust instrument that permits the owner of a residence (grantor) to transfer ownership of that residence with the grantor still being allowed to stay in that residence for a stipulated ...
Deleveraging of the insurance company's balance sheet. ...
Wording in life insurance policies to determine the order of deaths when the insured and the beneficiary die in the same accident. For example, if the insured is deemed to have died first, ...
Policy whose premiums, cash value, and face amount are guaranteed (all values are fixed and do not fluctuate according to the loss experience, expenses, and investment returns of the ...
Measurement of how people feel about prevailing economic conditions, employment outlook, and personal finances. This index is based on statistics gathered from questionnaires mailed by the ...
Bond guaranteeing that a contractor will perform under the contract in accordance with all specifications of the bid submitted. ...
Demographic designation used in life insurance to calculate premium rates for life and health insurance and annuity contracts. Since females have a longer life expectancy than males of the ...
Reserve at the beginning of the policy year that is equal to the terminal reserve for the preceding year plus the net level premium for the current year. ...
Same as term Cancellation Provision Clause: provision permitting an insured or an insurance company to cancel a property and casualty or a health insurance policy (circumstances vary; see ...
Have a question or comment?
We're here to help.