Business Owners Policy

Description

Property coverage elements and triggers will be examined in this course. This section will discuss buildings and structures, business personal property, property not covered, perils covered, exclusions and additional property coverages. The student will be introduced to the coverages included in this policy as well as the need to endorse additional coverages due to exclusions within the policy. The differences in covered perils will also be addressed in this section. Part 2 will focus on the liability exposures that are covered under the BOP Policy and will be reviewed in detail. Limits, definitions, exclusions, supplementary payments, and conditions will be explored.

The following topics will be addressed in this course:

• The four Element/Triggers that must be met for coverage to activate such as:
• Whether the loss was direct or indirect
• If the property was a covered property in the policy forms
• What property is/isn't covered on the BOP with regards to:
• How coverage is limited
• Which coverages may need to be enhanced
• A dive into what named perils and special form cover
• Additional/Extended coverages made available on a BOP including:
• Personal property off premises
• Extended business income
• Liability Coverages on a BOP as well as exclusions
• Review of supplementary payments in additional to the limits of insurance
• Breakdown of the limits used
• BOP conditions in congruence with the integrated property and liability conditions
• Review of the ACORD Applications for a BOP