What it does
BP 04 83 was previously titled Removal Of Insurance-To-Value Provision; ISO describes it as removing the insurance-to-value requirement in the Loss Payment condition of Section I – Property. The 03 27 edition is retitled "Agreed Value – Removal Of Insurance-To-Value Provision", tying removal of the 80% requirement to an agreed value.
Filing and timing
ISO introduced this form in its 2026 Businessowners multistate endorsement filing (BP-2026-OFR26), with the 03 27 edition. Where approved, the filings carry an effective date of March 1, 2027 for new and renewal policies, so agents will see it on 2027 renewals with carriers that adopt it. State approval varies; some states rejected or replaced individual forms.
Quoting and selling notes
- Use for building owners who want certainty that a partial loss will not be reduced for underinsurance.
- Keep the agreed values current; confirm how the carrier sets and updates them.
- A useful counter to the new ACV endorsements on renewals.
