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
Minimum of care owed by one party for the physical safety of another. Liability suits are brought because of negligent acts and omissions resulting from failures to exercise due care. ...
Professional designation earned after the successful completion of six national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ocean ...
Need for an insurance policy to be paid up or to be paid for a minimum number of years before the insured is eligible to receive any benefits. This requirement is typically found in ...
Same as term Deviated Rate: rates used by a property and casualty insurance company that are different from that suggested by a rating bureau. An insurance company may use deviated rates ...
Tort liability, which is defined by law, requiring an injured party to prove only that he or she was harmed in a specified way in order to collect damages. For example, the law provides ...
Liability and physical damage coverage for trailers under business or personal auto policies. Most automobile insurance policies offer liability coverage for common types of trailers owned ...
1945 federal legislation in which the Congress declared that the states may continue to regulate the insurance industry. Nevertheless, in recent years Congress has expanded the federal ...
Futures contracts based on automobile and health reinsurance policies to be traded on the Commodity Future Exchange of the Chicago Board of Trade. The purpose is to allow insurance ...
Policy covering an insured's property at several different locations. This coverage is used by business firms that have several locations and may move property from location to location. ...
Have a question or comment?
We're here to help.