Unit Nineteen Businessowners Policy (BOP) Flashcards
What are some common requirements to obtain a BOP?
•less than 100 employees
•revenues of $6million or less
•businesses occupying up to 35,099sqft
What are the 2 major coverages in a BOP?
Coverage A and Coverage B
What is coverage A in the bop?
Buildings
What is coverage b in the bop?
Business personal property
How many feet must property be on or within to be covered under the bop?
100ft
Under the BOP sum up debris removal coverage?
•25% of the loss (what you get)
•Additional $25,000 it loss equals or exceeds policy limits (only if needed)
Under the BOP in order to be covered in the event of a collapse it must be from?
•building glass breakage
•hidden decay
•hidden insect or vermin damage
•weight of people or personal property
•weight of rain or snow
What does loss of business income provide?
The company will pay for the loss of business income that occurs when the insured’s business operations have to be suspended due to a covered peril
Sum up extra expense?
Extra money to avoid suspending business operations
What is the additional coverage limit under the increased cost of constructions?
$10,000
What is the maximum that will be paid due to a loss under the forgery or alteration coverage?
$2,500 (and includes defense costs)
What is the maximum limit with the business income from dependent properties coverage?
$5,000
Sum up electronic data under the BOP
•software and hardware
•$10,000
•caused by a covered peril
Under the bop what is the maximum limited coverage for fungi, wet rot, dry rot, and bacteria covers?
$15,000
Under the bop what are other additional coverages?
•money orders counterfeit money $1000
•pollutant cleanup $10,000 per policy period
•preservation of property 30 days
•fire department service charge $1,000
•water or other liquid material damage (not flood)
•glass
•fire extinguisher recharge $5,000 per occurrence
