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
Provision by an employer for the economic and social welfare of employees. Generally include: pension plans for retirement; group life insurance for death; group health insurance for ...
Possibility of a reduction in value of an insurance instrument resulting from a decrease in the value of the assets incorporated in the investment portfolio underlying the insurance ...
Inability to divide a cash value life insurance policy into a savings element and a protection element because, in theory, if the policyowner withdraws a portion or ail of the cash value, ...
each individual has an unlimited insurable interest in his or her own life, and therefore can select anyone as a beneficiary. parent and child, husband and wife, brother and sister have an ...
Excess funds above the amount required to establish legal reserves for the policies in force. These excess funds are generated as the result of mortality savings, excess interest earned on ...
Same as term Fair access to Insurance Requirements: insurance that grew out of the urban demonstrations and riots of the 1960s. Because of the deteriorated social and economic circumstances ...
Modified endowment insurance policy under which the insured receives one-half the death benefit as the maturity value of the policy. ...
Relationship of the frequency of illness, sickness, and diseases contracted by individual members of a group to the entire group membership over a particular time period. ...
Performance of managerial and clerical functions related to an employee benefit insurance plan by an individual or committee that is not an original party to the benefit plan. In selecting ...
Have a question or comment?
We're here to help.