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:
The revised BOP also offers the following new optional coverages, which include increased limits for specific kinds of losses:
The BOP standard deductible has been changed from $250 to $500, with options to purchase either a lower or higher deductible.