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The Businessowners Policy is a package policy for writing Property and Liability Insurance for risks which:
- are financially sound and operating a profitable business;
- desire an amount of insurance equal to 100% of the property replacement value or at least 80% of the full, insurable actual cash value of the property;
- are safety conscious and have a good attitude toward loss prevention;
- exhibit an above average physical condition; and;
- do not have an elevator
Additional criteria applicable to the Deluxe Program
- Building constructed or completely renovated since January 1, 1960. Renovation must have included new electrical service, new heating system, plumbing and roof.
- Presence of a fire protection program (fire extinguishers, fire alarms & smoke detectors).
- Moral & physical characteristics must be above average to excellent.
The following types of risks will be considered for the Businessowners Program:
Owners - Building(s) and Business Property
Apartment - Building(s)
- Not over 4 stories in height and containing 5 to 60 units,
- Without any mercantile occupancy,
- Not more than 15% office occupancy.
- Without an elevator (Unless built after 1985)
Churches - Building(s)
- Principal occupancy is for religious purposes,
- Does not exceed 10,000 square feet per floor.
Hotel/Motel - Building(s)
- Not more than 2 stories high containing 5 to 45 units,
- Does not have any mercantile/restaurant occupancy,
- Does not have a pool, beach, or watercraft exposure.
- Not a chain or Franchise.
Mercantile - Building(s)
- Principal occupancy is buying & selling merchandise,
- Not over 3 stories in height,
- Does not exceed 10,000 square feet per floor.
Office - Building(s)
- Primarily used for office purposes,
- Not over 3 stories in height,
- Does not exceed 10,000 square feet per floor,
- Does not have any mercantile occupancy.
Service - Building(s)
- Primarily used for service businesses shown in the classifications list,
- Not over 3 stories in height,
- Does not exceed 10,000 square feet per floor.
Tenants
Office
- Does not occupy more than 10,000 square feet in any one building.
Service - Building(s)
- Does not occupy more than 10,000 square feet in any one building.
Mercantile - Building(s)
- Principal occupancy is buying & selling merchandise,
- Does not occupy more than 10,000 square feet in any one building.
When more than one accepted occupancy exists, the highest rated classification will apply.
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