RMIN 5100S Chapter Notes - Chapter 6: Personal Property, Co-Insurance, Bailment

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CHAPTER 6
Building and Personal Property Coverage Form (BPP)
Most common ISO form part of the Commercial Property Policy (so all of
chapter 1 applies)
Tells you what actual property is covered (roof, walls, etc.)
Can be used for:
o Building (the walls, ceiling, etc.)
o Your Business Personal Property (content)
o Personal Property of Others
o Must include limit to show that it is included
“You” and “Yours” refers to the organization that is the named insured
Real property = land, permanently attached structures, whatever is growing
(“fixtures” whatever you would expect to stay)
Personal property = tangible property (stuff with physical form)
Building
Description of building in declarations
o Includes each building’s location, construction and occupancy
o COPE:
Construction what materials are used
Occupancy what is the building used for
Protection what are the protections used
External exposures what perils are there
Also includes general definition of what property is covered (not limited to
four walls and a roof, just needs to be properly described)
o Completed Additions
o Fixtures, including outdoor fixtures
o Permanently installed machinery and equipment
o Personal property owned by you used to maintain building
Fire extinguishing equipment, outdoor furniture, floor
coverings, and appliances used for refrigerating or cooking, etc.
o Lawn mowers, snow blowers, and window-washing/floor-cleaning
equipment
o If not covered by other insurance:
Additions under construction, alterations, and repairs
Materials, supplies, etc. used for making the repairs on or
within 100 feet of the premises
o If you are the building owner, the personal property covered under
Building will overlap with Your Business Personal Property and claims
can be made under either coverage
Your Business Personal Property aka “contents”
- can have building section OR contents section OR both
- can apply to all of the listed categories or be restricted to one or more in the
declarations or an endorsement
- will either list a limit for just one or more or an overall limit for all 7
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