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Overview of Business Owners Policy (BOP) Coverages

General liability Insurance

Coverage highlights:

  • Insured’s liability for unnamed joint ventures is covered.
  • Blanket Additional Insured – Provides additional insured coverage to any person or organization where required by written contract.
  • Additional Insured coverage is primary and non-contributory where required by written contract.
  • Aggregate limits of insurance can apply per project or per location.
  • Includes automatic waiver of subrogation (Waiver of Rights Recovery).

Property Insurance

Coverage highlights:

  • Coverage is primary to other insurance.
  • Drawings, plans and other valuable papers and records: Covers the cost to research, recreate, redevelop, replace or restore lost information. Includes information on electronic media. Cause of loss extended to power failure, changes or extremes in temperature or humidity, and more.
  • Covers scientific instruments, replicas, models, sculptures.
  • Scheduled and unscheduled locations are covered.
  • Includes sublimit for tenant obligation coverage.
  • Includes sublimit for debris removal.

Computer equipment and media: Included within Business Personal Property

Coverage highlights:

  • Includes equipment and peripherals, media, data and software programs.
  • Coverage extended to include electrical disturbance, power failure, arcing and more.
  • Laptops covered worldwide.

Equipment and mobile property (Can be an optional separate Inland Marine policy)

Coverage highlights:

  • Covers unscheduled property to sublimit.
  • Leased, hired or borrowed equipment are covered.
  • Includes expediting expense.
  • Replacement cost valuation on new equipment.

Misc. Additional Coverages

Coverage highlights:

  • Employee Benefits Plan Liability Coverage
    • Covers you for negligent administration of employee benefit plans & retirement plans.
  • Practice interruption and continuation coverage:
    • Includes utility services interruption with a 3-hour waiting period. Extends coverage to interruption of power, communication, and water supply services, including overhead transmission lines.
  • Covers cost to recreate accounts receivable.
  • Sublimit for Precious metals theft.
  • Crime coverage built-in:
    • Money and securities.
    • Employee dishonesty/ERISA (can be separated).
    • Money orders and counterfeit currency.
    • Depositor’s forgery.
    • Computer fraud.
    • Unauthorized Business Card Use.