Business and Personal Property Coverage Form (BPPCF)

What Is the Business and Personal Property Coverage Form (BPPCF)?

The business and personal property coverage form (BPPCF) is a form that characterizes the part of a commercial insurance policy that safeguards against accidental damage to owned structures, owned business personal property and non-owned business personal property.

Understanding the Business and Personal Property Coverage Form (BPPCF)

Most business and personal property coverage forms (BPPCF) safeguard against all categories of peril, fundamental reasons for loss, broad reasons for loss and special reasons for loss. That means the BPPCF ordinarily covers basically all perils with the exception of those explicitly excluded on the special reasons for loss form. Policies ordinarily bar flood, war, wear and seismic tremor from coverage.

Owned structures incorporate structures declared in the policy as well as permanent fixtures and improvements to those structures. Owned business personal property incorporates property having a place with the insured. Non-owned business personal property incorporates permanent improvements the insured has made to leased property as well as personal property having a place with another party however in the custody of the insured.

Insurance policies might extend BPPCFs through endorsements. For instance, BPPCF may, through supports, safeguard against seismic tremor and radioactive defilement and stretch out coverage to personal effects, papers and records and off-premises property on a location not owned by the insured. Supports may likewise increase the coverage limits for things like open air property and trees.

The Simplified Commercial Lines Portfolio (SCLP) Policy

The BPPCF is one part of a simplified commercial lines portfolio (SCLP) policy, which safeguards a business against damages and losses. The other three parts of a SCLP policy are crime coverage, boiler and machinery coverage and liability coverage. Many individuals use SCLP and BPPCF conversely, as the BPPCF is the most unmistakable part of a SCLP policy.

• Crime coverage protects against falsification or change; misrepresentation; seize, payment or blackmail; employee untruthfulness; theft, vanishing or annihilation; and money orders and fake money.
• Boiler and machinery coverage guarantees against losses brought about by the breakdown of things having a place with the insured or in the custody of the insured in four categories: electrical, pressure and refrigeration, mechanical and turbine.
• Liability coverage takes care of the costs of lawsuits, decisions and settlements coming from mishaps in which the insured or an employee of the insured is to blame. This incorporates general liability, products and completed operations, advertising and personal, medical payments and fire legal. Every category ordinarily accompanies its own liability limit. Simultaneously, the policy will impose a combined limit of liability in all categories with the exception of products and completed operations, which is controlled by a separate annual limit.