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Questions & Answers
Q: Is
there a specific amount of business personal property the policyholder
should carry?
A: Yes. The Limit of Insurance for business personal property must
equal 100% of the replacement value
Q: How much business personal property can I have?
A: The amount of business personal property cannot exceed $50,000.
Q: Is business personal property temporarily stored in a warehouse
or on sale at a craft consignment shop covered?
A: Yes. Business personal property off-premise coverage is automatically
included in the coverage. Coverage applies to covered property other
than money & securities, while it is in the course of transit
or temporarily stored at a premise you do not own, lease or operate.
Q: Do you require the applicant to secure his property with dead-bolt
locks?
A: No. Although recommended, we no longer require dead-bolt locks.
Q: Does the general liability coverage apply while the insured
is away from home?
A: Yes. The general liability coverage is not limited to occurrences
that take place at home.
Q: Is someone who lives half the year in the North and the other
half in the South eligible for the program?
A: No. The program is intended for one location only. Living in
a home six months of the year goes beyond the definition of "temporary"'
and the risk would have two separate locations.
Q: What is the definition of "annual revenue"?
A: Annual revenue is the gross annual income, before taxes, but
not including expenses.
Q: Do you have a "peak season" endorsement?
A: The limit of insurance for Business Personal Property will automatically
increase 25% to provide seasonal variations, if the BPP amount is
at least 100% of the average monthly values.
Q: Is the insured responsible for producing income documentation
in the event of a loss?
A: The policy conditions state that we may examine and audit the
insured's books at any time during the policy period and up to three
years afterward.
Q: Is a business operated out of my garage or a detached building
eligible?
A: Yes. A business operated out of the garage including a detached
garage or building, is eligible if located within 100 feet of the
insured's dwelling.
Q: Is coverage provided for "professional liability"?
A: No. Professional Liability is EXCLUDED.
Q: Is there an additional charge for loss of income coverage?
A: No. Business Income coverage is included in the policy.
Q: How much loss of income coverage is available?
A: The amount of coverage is the actual loss of business income
you sustain during the period of restoration, for a minimum of one
year.
Q: Does this policy include coverage for theft of Money & Securities?
A: Money & Securities coverage is not part of the base policy,
but is available by purchasing the optional coverage.
Q: Can we insure more than one location?
A: No. However, coverage is available for business personal property
temporarily off premise.
Q: Can we have more than one named insured?
A: No. The business must be operated by the insured and/or another
immediate family member who resides in the insured's household.
Q: What coverage form is used for the In-Home Business Policy?
A: The ISO
Business owners Policy Coverage form BP0002 and Liability
form BP0006.
Q: Is theft coverage included in this policy?
A: Yes. Theft coverage is included, except for mysterious disappearance,
which is excluded.
Q: Are dwelling buildings eligible under this policy?
A: No. Coverage is intended for business personal property and business
pursuits only. A homeowners or renters policy is still needed for
the dwelling and/or tenants personal property.
Q: Is there an optional "buy-back" for a higher deductible?
A: No. The only deductible offered is $100.
Q: How are claims settled for antiques or art?
A: Antiques arid art are valued on an ACV basis versus a Replacement
Cost basis. If a loss occurs, the business personal property would
be depreciated for age and condition and would require an appraisal
from a professional expert in that particular field.
Q: Does the policy provide product liability and completed operations
coverage?
A: Yes.
Q: Why are you concerned with foreign products?
A: We do not want foreign products exposures because if the product
is manufactured in a foreign country, we are unable to subrogate
against the manufacturer should a loss occur. Therefore, our policy
is unintentionally picking up the product exposure on all foreign
products.
Q:
What types of In-Home businesses are eligible?
A:
This product is targeted for retail and service
risks operated from the insured's residence which present minimal
product liability,, professional liability and/or off-premise liability
exposures. Samples of eligible businesses include graphic artists,
household products distributors, bookkeeping services, desktop publishing
services, photographers, interior decorators ad crafters. A complete
list of eligible businesses can be made Available upon request.
Bomba
Insurance Agency, Inc.
P.O. BOX 429, Vista, CA 92085
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