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Businessowners Policy (BOP)
A businessowners policy (BOP) is a freestanding package policy designed to provide both property and general liability coverage for eligible small to medium-sized businesses.
ISO's BOP Size Eligibility
- (2006) Less than 25,000 square feet and $3 million in annual gross sales
- (2010) 35,000 square feet and $6 million
ISO's BOP Type of Business Eligibility
- apartment buildings of any size, including residential condominium associations
- contractors subject to several restrictions, such as an annual payroll of $300,000 or less and doing no work at heights of more than three stories
- mercantile risks
- processing and service risks
- wholesale risks
- office buildings not over six stories tall or exceeding 100,000 total square feet
- motels not more than three stories tall, subject to no square foot restriction
- self-storage facilities
- convenience food/gasoline store/restaurants with limited cooking and fast food
- grocery stores and supermarkets that sell gasoline (ISO added this category in 2010)
- business personal property in eligible apartment buildings; offices; and mercantile, wholesale, service, or processing operations are also eligible for BOP coverage.
- An owner-occupant’s building and personal property must be insured in the same policy.
ISO Ineligible Types of Business for BOP
- auto repair or service stations;
- auto, motor home, mobile home, and motorcycle dealers;
- parking lots or garages
- bars and pubs
- places of amusement
- banks and other financial institutions
- self-storage facilities that provide outdoor storage of motorized vehicles of any type
ISO's Businessowners Coverage Form Sections
- Section I-Property
- Section II-Liability
- Section III-Common Policy Conditions (applies to both property and liability)