BP 0010–BUSINESSOWNERS POLICY DECLARATIONS

(May 2025)

INTRODUCTION

Each insurance company develops and modifies its own version of BP 0010–Businessowners Policy Declarations to meet its specific needs. The following entries are usually on such declarations. The BP 0010 was modified in 01 15 because of the mandatory BP 08 16–Amendatory Policy Endorsement and those changes are reflected in this analysis.

GENERAL INFORMATION

This general information applies to all sections of the policy:

• Insurance company name
• Agency/producer name
• Policy number
• Named insured and mailing address
• Policy period effective and expiration dates. These are expressed as month, day, and year. The effective time of coverage is expressed as 12:01 a.m. Standard Time at the named insured's mailing address.
• Coverage form that applies. One of the following must be checked:
• BP 0100–Businessowners Standard Policy
• BP 0200–Businessowners Special Policy
• Description and addresses of covered premises or locations, including premises and building number. Any mortgagee's name and address are also entered.
• The named insured's legal form of business. This is expressed as:
• Individual
• Partnership
• Limited Liability Company
• Joint Venture
• Trust
• Other
• Description of the business

INSURING AGREEMENT

The insurance company provides the coverage described in the policy in return for the named insured paying the required premium.

PROPERTY COVERAGES

The following information is listed for each premises or location and building number to be covered:

Coverage A

• Building Limits
• Building Automatic Increase percentage
• Building Actual Cash Value Option

Yes or no must be entered in the space provided.

NOTE: The standard entry is “no.”

Coverage B

• Business Personal Property Limits
• Business Personal Property Automatic Increase percentage
• Actual Cash Value Option

Yes or no must be entered in the space provided.

NOTE: The standard entry is “no.”

Deductibles

• Property Deductible
• Optional Property Coverages Deductible
• Windstorm or Hail Percentage Deductible entered as a percentage

NOTE: These apply per premises, not per coverage.

Coverage C

• Loss of Income Limits

NOTE: This can be left blank. However, any limit entered changes the 12 months of unlimited coverage to the limit entered.

• Period of Loss Extension (number of days)

NOTE: The policy provides 30 days. Any different number entered supersedes the 30 days.

• Earnings From Dependent Locations Limit

NOTE: Any limit entered replaces the $5,000 limit in the policy.

OPTIONAL PROPERTY COVERAGES

Coverages selected must have an X next to the coverage and a limit of insurance in the space provided. Coverage does not apply to any coverage not marked. The available coverages selected are based on premises or location number. The optional coverages available are:

• Employee Dishonesty

The limit is per occurrence.

• Money and Securities (Available with only BP 0200–Businessowners Special Policy)

Two limits are entered:

• Inside the premises
• Outside the premises
• Outdoor Signs (any one occurrence)

A limit is entered for all signs damaged in a single occurrence.

• Burglary And Robbery Coverage (Available with only BP 0100–Businessowners Standard Policy)

A limit is entered for all property damaged in a single occurrence.

OPTIONAL HIGHER LIMITS – ADDITIONAL PROPERTY EXCLUDED AND LIMITATIONS

Any limits entered in this section by premises or location number replaces the limits in the policy’s Additional Property Excluded and Limitations Section for that premises or location number.

• Jewelry, Watches, Jewels, Pearls, Precious Stones, or Metals

The limit is for only the peril of theft, so it applies to only BP 200. The limit is $2,500 unless a higher limit is entered.

ADDITIONAL COVERAGES–OPTIONAL HIGHER LIMITS

Any limits entered in this section by premises or location number replaces the limits in the policy’s Additional Coverages Section for that premises or location number.

• Antennas, Fences, or Signs

The limit is $1,000 unless a higher limit is entered.

• Counterfeit Money or Money Orders

The limit is $1,000 unless a higher limit is entered.

• Debris Removal – Additional Amount

The limit is $25,000 unless a higher limit is entered.

• Fire Department Service Charges

The limit is $2,500 unless a higher limit is entered.

• Forgery Coverage

The limit is $2,500 unless a higher limit is entered.

• Inventory and Appraisal Expenses

The limit is $2,500 unless a higher limit is entered.

• Lock and Key Replacement

The limit is $1,000 unless a higher limit is entered.

• Pollutant Clean Up and Removal

The limit is $10,000 unless a higher limit is entered.

• Recharge of Fire Extinguishing Equipment

The limit is $5,000 unless a higher limit is entered.

EXTENSIONS OF COVERAGE - OPTIONAL HIGHER LIMITS

Any limits entered in this section by premises or location number replaces the limits in the policy’s Extensions of Coverage Section for that premises or location number.

• Accounts Receivable at the Described Premises

The limit is $10,000 unless a higher limit is entered.

• Building Property–Off Premises

The limit is $5,000 unless a higher limit is entered.

• Business Personal Property–Off Premises

The limit is $10,000 unless a higher limit is entered.

• Business Personal Property – Portable Storage Units

The limit is $10,000 per occurrence unless a higher limit is entered.

• Data Records and Programs

The limit is $2,500 unless a higher limit is entered.

• Personal Effects

The limit is $2,500 unless a higher limit is entered.

• Trees, Shrubs, and Plants

The limit is $2,500 unless a higher limit is entered.

• $10,000–Valuable Papers and Records at the Described Premises

The limit is $10,000 unless a higher limit is entered.

ADDITIONAL LOSS OF INCOME COVERAGES–OPTIONAL HIGHER LIMITS

Any limits entered in this section by premises or location number replaces the limits in the policy’s Loss of Income Coverages Section for that premises or location number.

• Destruction of Data Records and Programs

The limit is $10,000 unless a higher limit is entered.

• Earnings From Dependent Properties

The limit is $5,000 unless a higher limit is entered.

COMMERCIAL LIABILITY COVERAGES

This section has spaces to enter the following Limits of Insurance

• Each Occurrence Limit

The limit entered applies per occurrence for Coverage L, Coverage P, and Coverage M.

• Coverage M–Medical Payments Limit

The limit entered applies per person.

• General Aggregate Limit

This limit caps coverage for damages that Coverage L, Coverage P, and Coverage M provide, except coverage for damages that the Products/Completed Work Hazard provides.

• Products/Completed Work Hazard Aggregate Limit

This limit caps coverage for damages the Products/Completed Work Hazard provides.

• Coverage O–Fire Legal Liability Limit

The limit is $50,000 per occurrence unless a higher limit is entered.

• Property Damage to Short-Term Rented Premises Limit

The limit is $50,000 per occurrence unless a higher limit is entered.

PREMIUM AND COUNTERSIGNATURE

This section has spaces to enter the following:

• Total Policy Annual Premium
• Total Policy Annual Deposit Premium
• Endorsements attached at inception
• Countersigning Agent's signature
• Countersignature Date
• Insurance Company Officers' Signatures