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 in ocean marine cargo policies to limit an insurance company's liability for partial losses; the company has liability only for losses that exceed a stipulated percentage of the ...
Entity that offers a managed care plan for workers compensation benefits that joins a provider network with the following parts: case management personnel, medical bill review personnel, ...
Classification at death of all pension plans, profit-sharing plans, individual retirement accounts (IRAS), annuities, and installment payments to the extent to which the deceased was ...
Insurance company's total number of agents. ...
Insurance company program in which the beneficiary of an insurance policy is encouraged to leave the death proceeds in an account on deposit with the insurance company instead of receiving ...
Derivative representing a legal obligation to carry out a transaction that has been prearranged according to a stipulated price and date in the future. There are numerous types of financial ...
Contract between the reinsurer and the ceding company stipulating the manner in which insurance written on various risks is to be shared. ...
Same as term Accidental Death Clause: in a life insurance policy, benefit in addition to the death benefit paid to the beneficiary, should death occur due to an accident. In double ...
Coverage for a lender who has accepted property on the floor of a merchant as security for a loan. If the merchandise is damaged or destroyed, the lender is indemnified. The policy is on an ...
Have a question or comment?
We're here to help.