Businessowners Coverage

Question 1

Business owners policy (bop)

Answer 1

The business owners policy is a package policy designed for a small to medium size business firms. The business owners forum provides to an illegible business what a homeowners policy provides to private residential insureds. The policy is multi line , Combining property and liability coverages under one form.

Question 2

Eligible risks

Answer 2

The business owners policy was designed for small to medium size businesses that do not engage in high risk or highly specialized operations. Businesses that generate over 6 million an annual gross revenue or the occupy more than 35,000 ft.² of space are ineligible.

Question 3

Eligible BOP

Answer 3

Apartment building, building occupies 20,000 ft.² of area, small business

Question 4

Bop section 1 insures

Answer 4

Buildings and buildings personal prop

Question 5

Additional coverages

Answer 5

Glass expenses, forgery or alteration, electronic data, money orders and counterfeit money

Question 6

Coverage extensions

Answer 6

Outdoor property, newly acquired or constructed property, valuable papers and records, accounts receivable

Question 7

Optional coverages

Answer 7

Outdoor signs, employee dishonest, money insecurities, equipment breakdown protection coverage

Question 8

Section 2 liability coverage

Answer 8

Business liability covers sums for which the insured becomes legally liable to pay damages for bodily injury, property damage, or personal and advertising injury

Question 9

Coverage extension - supplementary paymens section 2

Answer 9

 in addition to limit of insurance for section 2 liability the insurer will pay-
All expenses occurred by the ensure, up to $250 for the cost of bail bonds, the cost of bonds to release attachments, all reasonable expenses incurred by the insurance, all costs taxed against the insured and a soup, prejudgment interest awarded against the insured on the part of any judgment, all interest on the full amount of any judgment that accrues before the judgment is paid

Question 10

Medical expenses section 2

Answer 10

The section covers medical expenses for bodily injury, caused by an accident, occurring on the premises that insured owns or rents, or due to the insurance operations. 1 year to report

Question 11

Products completed operations aggregate

Answer 11

All claims for bodily injury, and property damage that occurring the policy period and fall within the products completed operations hazard. This aggregate limit is twice the liability and medical expenses limit shown in the declarations

Question 12

General aggregate

Answer 12

All losses, except those that fall within the products completed operations hazard, including medical expenses, personal injury, advertising injury offenses committed. This aggreagte limit is twice the liability and medical expenses limits in the declarations.

Question 13

Rating the BOP

Answer 13

Property coverage is rated based on building and personal property limits. Rates include built-in charges, known as loading, for business income and other included coverages, rather than calculating those separately.
Territory, types of construction, public fire protection, occupancy of the building, deductible, insureds request for increased coverage