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CPCU 551 Chapter 2
Business and Personal Property Coverage Form
| Question | Answer |
|---|---|
| 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 |
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hongaro
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