ISO's New, Expanded Businessowners Program Now Available in Most States

NEW YORK, March 26, 1997 — Insurance Services Office, Inc.'s (ISO) new businessowners' program (BOP) has been approved for use in 39 states and the District of Columbia.

The revised BOP helps insurers expand their markets by covering more kinds of businesses and offering new and enhanced coverages to policyholders.

ISO developed the new package policy, which includes both property and liability coverages, in response to requests from insurers and agents.

Now, eligible businesses sited on premises up to 25,000 square feet with gross sales of up to $3 million can be insured under ISO's BOP. The previous maximums were 15,000 square feet and $2 million in sales.

The revised BOP adds several classes to the long list of small businesses that can buy the convenient, comprehensive coverage. Included are contractors, fast-food and limited-cooking restaurants up to 7,500 square feet in area, and certain convenience stores and dry cleaners.

Some of the enhancements in the new BOP are:

  • Full exterior glass coverage
  • $100,000 per premises, up from $10,000, for building contents for 30 days after new premises are acquired or construction of the new premises has begun
  • $5,000 limits for each loss of accounts receivable due to destruction of documentation, and for valuable papers and records
  • $5,000 limits for construction costs to bring a damaged structure into compliance with current building ordinances (higher limits are optional)

The revised BOP also offers the following new optional coverages, which include increased limits for specific kinds of losses:

  • $2 million liability limit
  • Elimination of $100,000 limit on electronic data processing coverage
  • Professional liability coverage for several classes of policyholders
  • Coverage for loss caused by utility-service equipment failure

The BOP standard deductible has been changed from $250 to $500, with options to purchase either a lower or higher deductible.

Release: Immediate

Contacts:
Giuseppe Barone / Erica Helton
MWW Group (for ISO)
201-507-9500
gbarone@mww.com / ehelton@mww.com