Term
| Business owner policy (BOP) |
|
Definition
| Freestanding package policy to provide liability coverage for eligible small to medium sized businesses. |
|
|
Term
| Required size of business under a BOP |
|
Definition
| Cannot exceed 35,000 square feet in size (excluding basements not open to public) $6 million in sales |
|
|
Term
| eligible businesses risks for BOP |
|
Definition
| Wholesale, Processing and service, Mercantile |
|
|
Term
| for a contractor to be eligible for BOP, what is required? |
|
Definition
| annual payroll of $300,000 or less, work cannot be done at heights of more than 3 stories high |
|
|
Term
| Facilities eligible under BOP |
|
Definition
| Convenience gas/food or store/restaur. limited cooking. self storage facilities, restaurants motels not more than 3 stories tall |
|
|
Term
| what office buildings eligible for BOP |
|
Definition
| ones that ae not 6 stories tall or exceeding 100,000 sq feet. |
|
|
Term
| ineligible for coverage of BOP are? |
|
Definition
| manufacturers, auto repair stations, bars, amusement places, banks, or self storage providing outdoor storage of vehicles. |
|
|
Term
| name ISO business owner coverage form sections |
|
Definition
| 1. property 2. liability 3 common policy conditions |
|
|
Term
| what is common policy conditions section? and what is common policy conditions? |
|
Definition
| addresses the issues of cancellation changes fraud audits inspections and other insurance rights against others assignment of th policy and premium audits |
|
|
Term
| define assignment when related to common policy conditions? |
|
Definition
| transfer of legal rights, or interest in, an insurance policy to a third party can only be effected with written consent of insurer |
|
|
Term
|
Definition
| audit of exposure basis for an insurance policy (payroll,sales) after the end of a policy period to determine actual exposure to make final calculation |
|
|
Term
|
Definition
| insurance services office Inc |
|
|
Term
| for business liability coverage to apply what must happen? |
|
Definition
| the injury or property damage must take place during the policy period within the coverage territory. |
|
|
Term
| buiness liability coverage covers "sums the insured becomes legally obligated to pay as damages" for |
|
Definition
| bodily injury, property damage. personal and advertising injury |
|
|
Term
|
Definition
| a civil or private wrong giving rise to legal liability |
|
|
Term
| a slander or libel is an example of |
|
Definition
| personal and advertising injuries |
|
|
Term
| malicious prosecution, copyright infringement, use of anthers advertising idea in the insureds advertising is considered |
|
Definition
| personal and advertising injuries |
|
|
Term
|
Definition
| the insurer agrees to pay the cost of defending or settling the lawsuit until the applicable limit as been exhausted by payment of judgements or settlements |
|
|
Term
|
Definition
| costs payable in addition to the limit of insurance |
|
|
Term
| examples of supplementary payments |
|
Definition
| investigation and defense costs, prejudgment interests on the covered portion of the judgment and post judgement interest on full among of the judgement |
|
|
Term
| are medical expenses coverage provided in addition to covered damaged in which the insured is legally liable and for supplementary payments? |
|
Definition
|
|
Term
| what does the ISOs BOP medical expenses coverage NOT apply to? |
|
Definition
| bodily injury expenses of an insured, a tenant, persons hired to do work for the insured or a tenant of the insured, those who medical expenses are payable under workers comp- nor injuries suffered while instructing practicing or participating in games sports excersises |
|
|
Term
| how many limits appear in business owners liability coverage form |
|
Definition
|
|
Term
| products completed operations aggregate limit |
|
Definition
| two times the liability and medical expenses limit and applies per policy period to all injury or damage from the products-completed operations hazard |
|
|
