Unit 19 Property ⭐

Package policy designed for small businesses

Businessowners Policy (BOP)

BOP combines

Property Coverage, Liability Coverage, and Additional Coverages

Maximum employees generally eligible for a BOP

100 Employees

Maximum annual revenue generally eligible for a BOP

$6 Million

Maximum building size generally eligible for a BOP

35,000 Square Feet

Two major BOP property coverages

Building and Business Personal Property

BOP Building Coverage includes

Completed Additions, Fixtures, and Permanently Installed Machinery

Building materials for repairs or construction are covered within

100 Feet of Premises

BOP Business Personal Property includes

Property Owned and Used by the Business

Property of others covered under BOP

Property in Care, Custody, or Control (Not Customers' Property)

Permanently attached improvements paid for by a tenant

Tenants' Improvements and Betterments

Examples of leased personal property

Computers and Copy Machines

Exterior building glass is covered when

Insured Is a Tenant

Business personal property is covered within

100 Feet of Premises

Aircraft, Motor Vehicles, and Land

BOP Property Exclusions

Money and Securities

BOP Property Exclusion

Accounts Receivable and Valuable Papers

BOP Property Exclusion

Animals are excluded unless

Boarded for Others

Attached signs have a coverage exception of

$1,000

BOP property coverage basis

Open Peril

BOP property coverage can be changed by endorsement to

Named Peril

Earth Movement, Flood, War, Nuclear Hazard, and Government Action

BOP Property Exclusions

Mold, Wet Rot, Dry Rot, and Bacteria

BOP Property Exclusion

Employee Dishonesty and Criminal Acts

BOP Property Exclusion

Damage caused by insects, birds, rodents, or animals

BOP Property Exclusion

Debris Removal limit

25% of Loss Plus Deductible

Additional Debris Removal Coverage

$25,000

Collapse is covered when caused by

Hidden Decay, Hidden Insect Damage, Glass Breakage, Weight of People or Snow

Business Income covers

Loss of Income Following a Covered Loss

Maximum Business Income coverage period

12 Consecutive Months

Business Income coverage is

Not Subject to Property Limits

Extra Expense covers

Costs to Avoid or Minimize Shutdown

Maximum Extra Expense coverage period

12 Consecutive Months

Extra Expense coverage is

In Addition to Policy Limits

Increased Cost of Construction limit

$10,000

Civil Authority coverage begins after

72 Hours

Civil Authority coverage lasts up to

4 Consecutive Weeks

Forgery and Alteration limit

$2,500

Forgery and Alteration includes

Defense Costs

Business Income from Dependent Properties limit

$5,000

Electronic Data coverage limit

$10,000 Per Policy Year

Fungi, Wet Rot, Dry Rot, and Bacteria limit

$15,000

Money Orders and Counterfeit Money limit

$1,000

Pollutant Cleanup and Removal limit

$10,000

Preservation of Property extension

30 Days

Fire Department Service Charge

$2,500

Fire Extinguisher Recharge Expense

$5,000 Per Occurrence

Newly Acquired Building extension

$250,000 for 30 Days

Newly Acquired Business Personal Property extension

$100,000 for 30 Days

Property Off Premises extension

$10,000

Outdoor Property extension

$2,500 Total

Outdoor Property limit per tree, shrub, or plant

$1,000

Personal Effects extension

$2,500

Valuable Papers and Records extension

$10,000

Employee Dishonesty covers

Money, Securities, and Business Personal Property

Employee Dishonesty discovery period

1 Year After Policy Expiration

Optional coverage for sudden equipment accidents

Equipment Breakdown

Standard BOP deductible

$500

No deductible applies to

Business Income, Extra Expense, Civil Authority, Fire Department Service Charge

BOP Liability covers

Bodily Injury, Property Damage, and Personal & Advertising Injury

Business liability territory

United States, Puerto Rico, Territories, and Canada

Defense costs under BOP

Do Not Reduce Liability Limits

Supplementary payment for bail bonds

$250

Supplementary payment for lost earnings

$250 Per Day

Medical payments are

No Fault

Medical expenses must be incurred within

1 Year

Medical payments do not cover

Insureds, Employees, Workers Compensation Claims, or Tenants

LLC insureds include

Members and Managers

Corporation insureds include

Officers and Directors

Partnership insureds include

Partners and Their Spouses

Per occurrence limit applies to

Bodily Injury and Property Damage

Personal and Advertising Injury limit applies per

Person or Organization

General Aggregate applies to

All Covered Claims Other Than Products-Completed Operations

Products-Completed Operations Aggregate

applies to Products and Completed Operations Claims