BusinessOwners

Question 1

Business Owners Policy

Answer 1

for small to medium, one location businesses. purpose is to combine property and liability needs

Special forms policy

Most coverages are included since the carrier has tailored the policy to that type of business

Question 2

BOP Eligibility

Answer 2

risks can’t exceed 35,000 sq ft or $6 million annual gross sales at each location

less than 100 employees

Question 3

Ineligible for BOP

Answer 3

Auto repair, service stations, bars/pubs, manufacturing, places of amusement, banks, most contractors

Question 4

BOP Property Coverage

Answer 4

includes both Buildings - Coverage A and Business personal property - Coverage B

Question 5

Exclusions / perils not covered

Answer 5

• Ordinance or law
• earth movement
• volcanic eruption
• government action
• UTILITY SERVICES

Question 6

Deductibles

Answer 6

standard is $500 or $1000 per occurence`

Question 7

BOP Liability

Answer 7

Includes Bodily Injury, Property Damage, Personal & Advertising Injury

Duty to Defend

Question 8

Aggregate Limits

Answer 8

Products and Completed Operations (BI and PD)

General Aggregate (BI, PD, PI, AI, and MED)

They are each twice the business liability limit of insurance.

Question 9

Civil Authority Coverage

Answer 9

when a loss from covered peril occurs away from premises that causes loss of business income after 72 hours. Extra expenses covered immediately