RMIN 5100S Chapter Notes - Chapter 4: Co-Insurance, Accounts Receivable, Lightning

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CHAPTER 4
BPP Coverage Extensions
- apply only if at least 80% coinsurance or a value reporting period symbol is shown in
the declarations
- additional amounts not subject to the policy limits
- each of these is subject to per occurrence limits
Newly Acquired or Constructed Property
Provides automatic coverage for a new building being constructed at the
covered premises
Also coverage for newly acquired buildings at other locations (as long as the
purpose is similar to the current building or will be used as a warehouse)
o Max amount of coverage = $250,000/building
If policy covers business personal property, also coverage for:
o Business personal property at any newly acquired location (other than
fairs, trade shows, or exhibitions)
o Business personal property located at newly constructed or acquired
buildings at the described location in declarations
o Limit for this extension is $100,000/building
o Does not apply to personal property of others in the insured’s
possession in the course of installing, performing work on or in
process of manufacturing or wholesaling activities
Temporary coverage which terminates at earliest of:
o Policy expiration
o 30 days after acquisition of new location or the start of construction of
the new building (premium calculated from these dates) typically
the first
o Date the insured notifies the insurer of the new location or new
building
Personal Effects and Property of Others
Limited coverage for personal effects (such as coat or jewelry) owned by
insured or partner member, officer, manager or employee of the insured
while on covered premises
Not covered for loss by theft
Also covers property of others in the care, custody or control of the insured
Limit for ALL coverage under this extension is $2,500/location
o Can purchase inland marine bailee coverage or purchase more
insurance for property of others
Valuable Papers and Records (Other than Electronic Data)
- such as records of accounts receivable, mailing lists, legal documents, medical
records, specifications and drawings
Covered as business personal property
o Only for cost of blank records plus labor to copy duplicate information
$2,500 for the cost of researching or reconstruction the lost information but
does not apply to electronic data
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