BOP Questions
Moderators: Josh, independent guy
mixed occupancy
lessors risk to separate entities or operated by the same insured?
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mica.cooper
- Insurance Journal Addict
- Posts: 127
- Joined: Thu Nov 02, 2006 12:56 pm
I am trying to find out if any companies would actually rate a BOP as a split class when there is a single business owner and the business has more than one class such as manufacturing and retail.
For example a clothing shop with retail on the ground floor and manufacturing the clothing on the second floor.
A gas station, restaurant, and tourist shop.
A golf range and pro shop.
This would make a big difference in processing rating, pre-underwriting, forms, etc which is what I do...I don't actually write policies...thats for the agents
For example a clothing shop with retail on the ground floor and manufacturing the clothing on the second floor.
A gas station, restaurant, and tourist shop.
A golf range and pro shop.
This would make a big difference in processing rating, pre-underwriting, forms, etc which is what I do...I don't actually write policies...thats for the agents
Merry christmas/ happy holidays to all.
When asking questions in the forum it is best to be specific - your last posting gave us a clue what it is you are looking for.
No you aren't going to find a BOP that will do multiple classes like those in your examples. Those situations have to be done on a CGL policy. However, it's generally best to ask either the underwriter or the marketing person for each of your BOP markets directly when you have these type of questions. There are circumstances where BOP's can be written with multiple classes - however they are generally the same type of risk such as - painter (interior or exterior), restaurant (with or without liquor - which incidently could include some bars), lessors risk... Occasionally you can find a mix of retail & service classes (swimming pool store (retail) that has less than 25% receipts for repair (service) is still a viable class.
Generally you need to think of a BOP as a small simple account placement.
When asking questions in the forum it is best to be specific - your last posting gave us a clue what it is you are looking for.
No you aren't going to find a BOP that will do multiple classes like those in your examples. Those situations have to be done on a CGL policy. However, it's generally best to ask either the underwriter or the marketing person for each of your BOP markets directly when you have these type of questions. There are circumstances where BOP's can be written with multiple classes - however they are generally the same type of risk such as - painter (interior or exterior), restaurant (with or without liquor - which incidently could include some bars), lessors risk... Occasionally you can find a mix of retail & service classes (swimming pool store (retail) that has less than 25% receipts for repair (service) is still a viable class.
Generally you need to think of a BOP as a small simple account placement.
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mica.cooper
- Insurance Journal Addict
- Posts: 127
- Joined: Thu Nov 02, 2006 12:56 pm
Thank You Cathiea,
The problem is that I can't ask the underwriter. None of the companies I work with do this. I am trying to figure out if any companies even do it. That way we can put the procedures in place to deal with it before we are presented with it.
Do you know of a specific company that does this? If so, how do they rate it? Highest risk class, %use of class, etc.
The ACORD 160 7/98 only has a place for one class code, class#, rate group. So it seems that the ACORD would not accomodate this situation either.
The problem is that I can't ask the underwriter. None of the companies I work with do this. I am trying to figure out if any companies even do it. That way we can put the procedures in place to deal with it before we are presented with it.
Do you know of a specific company that does this? If so, how do they rate it? Highest risk class, %use of class, etc.
The ACORD 160 7/98 only has a place for one class code, class#, rate group. So it seems that the ACORD would not accomodate this situation either.