Unit 19 - Business owners insurance activities

BOP eligibility

less than 100 employees, $6 mil or less, occupying 35,000 sq. ft.

business personal property covered

property owned, property of others, tenants' improvements, leased personal property, exterior building glass

BOP covered causes of loss

open peril basis

increased cost of construction

applies only to buildings insured on a replacement cost basis. Limit of $10,000

civil authority

for business loss when insured can't access premise by civil authorities, begins 72 hours after action, max of 4 weeks

forgery and alteration

Up to $2,500 for losses that result from altered or forged checks or drafts is also covered to include defense coverage.

dependent property

business that delivers materials or services to the insured, accepts insured's products, manufactures products for delivery for insured, or attracts customers to insured business

business income from dependent properties

limit of $5,000 unless a higher limit is shown. Begins 72 hours after loss

electronic data

software and hardware, $10,000 per policy period, caused by a civil peril

limited coverage for fungi, wet rot, dry rot and bacteria

covers cost for direct loss, tearing out, testing. Limited to $15,000 per policy period, must occur during policy period

additional coverages

money orders and counterfeit money - $1000

pollutant clean up and removal - $1000

preservation of property - 30 days after property is moved

fire dep. - $2500

water or other liquids - as a result of escape (not flood)

glass expenses - covers temporary plates or board ups

fire ext. syst. recharge - replaced if used within 100 ft. $5000 per occurrence

coverage extensions

new acquired - buildings 30 days/$250,000. personal property 30 days/$100,000

trees and detached signs - max of $2500/$1000 each

personal property of others - $2500

valuable papers and records - $1000

discovery period

one year after the end of a policy

other coverages - additional premium

employee dishonesty, equipment breakdown, outdoor signs, money and securities

standard deductible for BOP

$500

advertising injury

false arrest/detention/imprisonment, malicious prosecution, wrongful eviction/entry, invasion of fright of private occupancy, slander/libel, use of other's advertising idea, infringement of copyright/trade dress/slogan

business liability territory

all parts of the world if injury or damage arises out of: goods or services made or sold in U.S./territories/Can. Activities of a persona away for work in same places. Personal and advertising injury offenses. Or the suit being filed in US

medical expenses coverage

not employees or insureds, 1 year from the date of accident

BOP insured's

named insured + spouse, for partnership (includes spouses), for limited liability company (includes members and managers), for corporation (includes officers and directors). Employees and representative

protective safeguards endorsement

requires insured to maintain the protective devices or services listed as a condition of the policy. In working conditions or notice of fault in 48 hr.

hired auto and nonowned auto liability endorsement

covers liability for bi or pd from use of hired auto (leased/rented/borrowed) and/or use of nonowned auto