Here’s some important information that was just announced in the Big “I” ‘s weekly email INSURANCE NEWS &VIEWS, – published every Thursday afternoon by the IIABA – that I felt bore repeating:
For the first time in five years, ISO has made numerous changes to its commercial property policy forms and endorsements.
Most policy forms are being revised and many endorsements are being added, revised or withdrawn. More than 40 individual changes are being made, along with considerable editorial and minor miscellaneous changes.
Independent insurance agents can learn about the changes during a two-hour webinar on Dec. 5,
Bill Wilson, director of the Big “I” Virtual University, and members of the Big “I” Technical Affairs Committee will provide an overview of the major changes. The cost of the webinar is $79, and it can be presented conference-style for agency staff.
Policy form changes include:
•Coverage for business personal property within 100 feet of described premises is being revised.
•Entrusted property exclusion (there is a big change here).
•Coverage is now provided for vegetated roofs.
•Additional coverage is now provided for electronic data involved in operating or controlling building equipment.
•A huge reduction in coverage for newly acquired business personal property at the described premises.
Endorsement changes include:
•A new coverage option for secondary locations is being added to the five dependent property BI/EE forms.
•Clarifications in ISO’s flood coverage endorsement broadens coverage slightly.
•A new sewer, drain or sump discharge endorsement—finally, coverage for backing up of roof drains?
•A new endorsement covers theft of building materials and supplies.
•The business income “ordinary payroll” limitation or exclusion endorsement is being revised to permit various categories of employees.
For more information, please email:
Andrew McElhannon is the Member Services Coordinator for the Independent Insurance Agents of Georgia www.iiag.org, and can be contacted at: firstname.lastname@example.org or b y phone at 770-458-0093, x.110, or 800-878-6487.