California Fire Insurance Policies
The
Business owners Policy (BOP) is the type of coverage
which protects small and
medium size businesses. Business owners Policy BOP
created to insure businesses with common risk factors.
The notion is that small businesses can be categorized
into the same pool all together to offer a common
coverage.
Business owners Policy BOP policies
can
be written for offices, services, apartments, and
retails and for
owners of buildings and tenants of retail, service, and
processing operations. To qualify, several factors must
meet California Fire Insurance requirements:
Lessors’ Risks Policy with Fire Insurance:
Most Apartment Building, including Condominium
Association Building Insurance up to 6 stories, with 60
or less units are acceptable to California Fire Insurance.
.Offices and mercantile must have less than 15,000 sqft of space to eligible for California BUY Fire Insurance policies.
The content coverage can be added to cover the personal property of building owner or managers.
For Office Buildings, the maximum space and height is
100,000 sqft and 6 stories. But mercantile can only
occupy 15,000 sqft.
Processing and Servicing
Risks for BUY Fire Insurance policies:
To be
eligible for BUY Fire Insurance policies, the following must hold
true:
A. Off-Premise operation sales must be 25%
or less.
(2) business must be 15,000 sqft or less
(3)
Annual Gross Sales must be $1,000,000 or less.
AVAILABLE OPTIONS AND EXCLUSIONS
Policy Form
California Fire Insurance’s BOP Policy
includes 3 standard forms for
commercial policy.
Common Policy Conditions, Standard Property Coverage Form, and Business owners Liability Coverage Form):
Each part has its own premium.
The standard form
covers the building and business property
and Business Personal Property. The coverage will be
based on Replacement Cost.
Actual Cash Value will be for Building Coverage, as well as Business Income.
Fire, Lightening and explosion, smoke, vandalism, and so
fort are covered under this part.
A COMMERCIAL POLICY is for buildings with 5 or more habitation units such as apartment buildings, retail mercantile, manufacturing risks, office buildings, and residential or commercial buildings under construction (COC).
Coverage includes fire, lightning, and explosion.
The policy is based on Actual Cash Value unless you
choose to have Replacement Cost.
Extended coverage such as Vandalism can be added for
additional coat.
Coverages
Available
Building – Includes coverage
for the building and any outdoor fixtures, machinery,
and equipment attached to the building.
Business Personal Property – Covers building
personal property of the building.
Personal Property of
Others – Covers personal property of others as
long as it is within vicinity of the property.
Covers
the structure while the structure is going through
course of construction.
This type of policy has its own underwriting and
construction plans and durations must be submitted prior
to start of the policy.
Debris Removal – Pays up to 25% of paid losses
to cover debris removal.
Preservation of
Property – If it is necessary to move covered
property from the described premises to preserve it from
loss or damage from a covered cause of loss, we will pay
for loss to that property while it is being moved or
temporarily stored elsewhere, but only if the loss or
damage occurs within 10 days after the property is first
moved.
Fire Department Service Charge
– Up to $1,000 for Fire Department charges.
Pollutant Clean Up & Removal –
Up to $10,000 for pollutant clean up.
Deductibles - Deductibles from $0
to $10,000