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
Amount subtracted from an annuity or from mutual fund proceeds payable to an annuity owner or mutual fund owner to reflect expense fees described in the annuity contract or mutual fund ...
Evidence of a temporary contract obliging a life or health insurance company to provide coverage as long as a premium accompanies an acceptable application. This gives the company time to ...
Provision in a property insurance policy to the effect that in the event the insured and insurer cannot agree on the amount of a claim settlement, each appoints an appraiser. The appraisers ...
Demand without foundation, such as a claim submitted to an insurance company by an insured who caused a loss, or for a loss that never occurred. ...
Theory that the probability that two independent events will occur is equal to the probability that one independent event will occur times the probability that a second independent event ...
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Coverage in the event of threats to injure an insured or damage or destroy his property. ...
Physiological or psychological condition that prevents an insured from performing normal job functions. ...
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