Summary
It's been nearly 50 years since businessowners policies appeared as a commercial lines counterpart to the homeowners package policies that were becoming standard in the personal lines market. Over those years, the essential characteristics of a BOP - the packaging of property and liability coverage in a single policy, with simplified rating - have appealed to insurers and insureds alike. As a result, both the number and variety of risks insured by BOPs has grown beyond the small retail operations, offices, and apartment buildings originally envisioned. The newly revised Businessowners Program recently filed by the American Association of Insurance Services is effective from October 1, 2004, to May 1, 2005, and includes several changes: increased size of eligible risks, several new classes of eligible risks, a new rating procedure for determining an additional charge for off-premises liability exposures, expanded coverage for computers and building glass, and increased liability limits.
See the full content of this document
Extract
The Revised Aais Businessowners Program
It's been nearly 50 years since businessowners policies appeared as a commercial lines counterpart to the homeowners package policies that were becoming standard in the personal lines market.
Over those years, the essential characteristics of a BOP-the packaging of property and liability coverage in a single policy, with simplified rating-have appealed to insurers and insureds alike. As a result, both the number and variety of risks insured by BOPs has grown beyond the small retail operations, offices, and apartment buildings originally envisioned.The newly revised B...See the full content of this document
Sponsored links
