ISO Announces Businessowners Program Updates

ISO announced today revisions to its widely used Businessowners (BOP) product.

Some of the many coverage enhancements introduced to the ISO Businessowners coverage form include:

• Broadening the Debris Removal Additional Coverage to include the removal of debris of the property of others and to increase the debris removal limit of insurance from $10,000 to $25,000;

• Increasing the extended business income number of days coverage from 30 to 60 days;

• Introducing a new coverage extension applicable to business personal property temporarily stored in portable storage units, subject to a $10,000 limit of insurance (with higher limits available);

• Updating various policy provisions to complement similar revisions made to the ISO commercial property and commercial general liability insurance programs.

Some of the newly introduced optional endorsements for use with the ISO BOP Program include:

• Specified Business Personal Property Temporarily Away From Premises

• Increase In Rebuilding Expenses Following Disaster

• Liquor Liability Coverage – Bring Your Own Alcohol Establishments

Additionally, ISO is introducing a series of class-specific endorsements addressing the specialized coverage needs of photographers, including an endorsement providing makeup and hairstyling coverage and another that provides worldwide coverage for photography equipment.

“We’re committed to keeping our Businessowners Program a desirable industry-leading insurance solution,” said Kevin Thompson, president of ISO Insurance Programs and Analytic Services. “We continually monitor emerging issues, regulatory and judicial activity, and societal trends for potential impact on our products and services. We also consider feedback provided by our customers. These updates are the end result of those efforts.”

The Businessowners Program revision has been approved by regulators in 33 jurisdictions and is pending in 10 more. The program updates submitted in the ISO filings will be available for insurer use beginning in July 2013.

Source: ISO