Business Owner Policy Breakdown

The Parts of the Business Owner Policy for Architects/Engineers

There are several sections of a Business Owner policy, all of which your firm should be familiar with.

Declarations pages – this is the first few pages of the policy that contains important information such as your firms name, mailing address and location address, policy number, policy period, limits of liability, deductible, premium, where to report claims, and your insurance agents contact information.

Endorsements – the policy will include a list of endorsements that are a part of your policy.  The list is the endorsement numbers and descriptions that are included in your policy.  This list includes endorsements such as additional insured, hired and non-owned auto and specific state endorsements.  The specific endorsements will be included, typically, at the end of the common policy pages.

Common policy coverage form – This is the bulk of the policy that includes the liability coverage, providing in detail what is covered in the policy.  This section also describes what is included for property coverage, also detailing what is not covered for property coverage.  There are also the additional coverages such as debris removal, fire department service charges, water damage, business income, and extra expenses.  The common policy coverage form will also include specific exclusions to the policy.  Some of the exclusions are governmental action, nuclear hazard, earth movement, certain computer related losses, pollution, dishonesty, and other types of losses.  The common policy pages provide details of what the policy covers and does not cover.

Business Owner policies vary from each insurance company, but generally will have the items listed above.   As always, be sure to read the policy in its entirety to have an understanding of what your firm is covered for.  If you have any questions please call or email your Professional Underwriters owner policy

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