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CPCU 551 Chapter 2

Business and Personal Property Coverage Form

QuestionAnswer
BPP Covered Property Building, Your BPP, PP of Others
BPP Building completed additions, fixtures, permanently installed machinery & equip, property owned by you, outdoor furniture, floor coverings, appliances used for cooking, dishwasher, laundering equip, fridge, vent.
BPP Building - If not covered under other insurance Additions under construction; supplies, structures & materials within 100 ft used for making additions, alterations or repairs
Your BPP Furniture & Fixtures, Marchinery & equip, Stock, All PP owned byu/used in ur bus, labor materials or serv furnished or arranged by u on PP of Others, ur use interest as a tenant in betterments & improvements, leased PP with contractual responsibility
Your BPP Categories 1-4 Property owned by NI & used in Ni's bus, Stock merch held for storage or sale, raw materials & in process or finished goods, Trade fixtures - attached to bldg during occupancy but can be removed
Your BPP Category 5 labor & materials or Services on Prop of Others the insd put into customers prop, does not cover customers prop, $2,500 property of others at each location, does NOT cover anticipated profit on work performed
Your BPP Category 6 Use Interest in Improvements or Betterments I&B, Alterations or Additions made to the bldg. @ the expense of an insd who does nt own the bldg. & cannot legally remove
Your BPP Category 7 Leased Personal Property Included ONLY if the lease required insd to insure leased prop
Personal Property of Others $2,500/location for the prop of others in the insds care custody or control, higher limit with BPP of others agreement- in CCC & located in or on the bldg. or open vehicle w/in 100ft of bldg. or structure or prem (whichever distance is greater)
BPP Property NOT Covered excluded to reduce ins needed to satisy coins requirements or b/c they required special u/wing 1- Blgds & Other Real prop 2- Plants & Outdoor Prop 3- Other Personal Prop
BPP Property NOT Covered - Bldgs & Other Real Prop Exclusion land, H2O, bridges, roadways, walkways, patios, other paved surfaces, retaining walls not part of bldg, bulkheads, pilings, piers wharves, docks, cost of excavation/grading/backfilling, foundations(below ground/basement), underground pipes, flues, drains
BPP Property NOT Covered - Plants & Outdoor Property Exclusions outdoor grain, hay, straw, crops, outdoor radio or tv antennas (including satellite dishes, lead-in wiring, masts & towers), outdoor fences, outdoor trees, shrubs, & plants unless they are stock
BPP Property NOT Covered - Other Personal Property Moneey, Securities & Similar, Electronic data & valuable papers ($2,500 /policy/year), vehicles, watercraft, aircraft, animals (not including stock), property more specifically described, airborne or waterborne personal prop
BPP Additional Coverages - Categories Debris Removal, Preservation of Property, Fire Department Service Charge, Pollutant Clean up & removal, Increased Cost of Construction, Electronic Data
BPP Additional Coverages - Debris Removal only covers cost to remove debris of covered prop when resulting from covered cause of loss, DOES NOT COVER - removal of mud or earth, extracting pollutants from H2O, removing or restoring polluted H2O, most paid 25% of sum of loss less ded/$25k/location
BPP Additional Coverages - Preservation of Property Extends policy to protect prop while being moved & up to 30 days at new locations Protects against "any direct physical loss"
BPP Additional Coverages - Fire Dept Service Charge up to $1,000/ location
BPP Additional Coverages - Pollutant Clean up and Removal limited coverage for pollutant clean up and removal from land or water, must be reported within 180 days of loss, $10,000 Agg/location
BPP Additional Coverages - Increased Cost of Construction 5% of amount of ins or $10k whichever is less, no coverage to- undamaged portion of the bldg. or cost to demolish undamaged portion.
BPP Additional Coverages - Electronic Data Agg Limit $2,500/year regardless of # of occurrences
BPP Coverage Extensions: Newly Acquired or Constructed Property Automatic coverage- $250k/bldg.- no cov@fairs/tradeshows/exhibits- $100k lim- not for BPP of others- cov terminates @ earliest of 3; 1exp 2 30days after acquis or start of constr 3date insd notifies insr- prem calcd from date of acqui or start of constr
BPP Coverage Extensions: Personal Effects & Property of Others limited cov for effect (coats jewels) owned by insd, partner, member, officer, mgr, or employee - not covered for loss by theft- $2,500/location
BPP Coverage Extensions: Valuable Papers & Records (other than electronic data) covers only cost of blank record+labor to transcribe or copy duplicate info- $2,500 for cost of researching or reconstructing info- limited to specified perils if insd carries special form cov & to perils coverd by broad or basic form
BPP Coverage Extensions: Property off Premises $10k coverage- prop @ locs not owned, leased or operated by insd & prop in stsorage leased after incep & prop @ fairs/tradeshows/exhibits - does NOT apply to propr in or on vehicle or in cust of sales person unless @ fairs/tradeshows/exhibits
BPP Coverage Extensions: Outdoor Property covers loss 2 fences, radio & tv antennas, shrubs, trees, plants (other than stock) - covers FLARE $1k lim incl debris remov- $250 max lim/tree, shrub or plant- not cov: windstorm, vehicles, vandalism, tree, shrub or plants owned by landlord (insd tenant)
BPP Coverage Extensions: Non Owned Detached Trailers must be used in ins biz & be in care custody & control of insd- muts have contract liability to pay for loss/damages- does not apply when trailer is attached to any motor vehicle/conveyance- $5k limit
BPP Coverage Extensions: BPP Temporarily in Portable Storage Units must be within 100ft of prem/bldg/struct as listed in dec- cov ends 90 days after prop is placed in unit- $10k most insr will pay
BPP Conditions: Limits of Insurance The most the insurer will pay in any one occurrence $2,500 or outdoor signs
BPP Conditions: Deductible standard $500- insured not obligated to pay unless loss exceeds deductible - 2 or more losses with separate limits cannot be combined
BPP Conditions: Valuation ACV, RC, Selling Price
Small Building Losses if $2,500 or less- insr will pay full cost of repair/replacement w/out deduction for deprec- specifically excludes: awnings & flr coverings, appliances for refrigeration ventilating cooking dishwashing or laundering, outdoor equip or furniture
Stock Sold but NOT Delivered valued at selling price less any incurred discounts or expenses
Tenant Improvements and Betterments promptly repaired/replaced insr pays ACV (or RC is chosen)- if not promptly repaired/replaced insr pay pro rata portion of original cost - if others pay for repairs (owner or general lessee) tenant insr pays nothing
BPP Optional Coverages: Agreed Value amount entered under AV heading in dec for each categ of prop to which opt applies- Coins does NOT apply- if limit exceeds AV up to full limit can be paid if less payment calcd by Loss Pay=((limit of ins/AV)xloss)-ded: extends to av exp or policy exp
BPP Optional Coverages: Inflation Guard Increases limit of insurance by % of annual increase shown in dec page - applied on pro rata basis
BPP Optional Coverages: Replacement Cost insr obligated to pay cost to replace damaged or destroyed prop with new of like kind/quality w/out deduction for deprec or obselence - not obligated to pay until prop replaced/repaired- must be notified w/in 180days
BPP Optional Coverages: Extension of Replacement Cost to Personal Property of Others leases or agreements made insured responsible for replacement cost in the event of damage- amount of loss calcd according to written agreement btwn insd & prop owner but cannot exceed RC or applicable limit of ins
Created by: hongaro