What it does
BP 07 75 is ISO's apartment class endorsement for the BOP. ISO describes it as modifying both Section I – Property and Section II – Liability to include specialized coverages tailored to apartment building risks. Options and limits are carried on the Apartment Buildings Supplemental Schedule, BP DS 02.
Who needs it
Residential landlords of any size: ISO's BOP eligibility rules allow apartments (including residential condominium associations) of all sizes with no square-foot limit, with eligible incidental occupancies up to 35,000 square feet.
Key provisions
- Companion endorsements include Apartment Buildings – Liability for Loss or Damage to Tenants' Autos (BP 07 76) for owners who provide parking, and Fine Arts Coverage (BP 07 77), which ISO notes is for use with the apartment and restaurant endorsements.
- New York uses its own apartment endorsement (BP 07 72) and schedule (BP DS 04).
Quoting and selling notes
- Collect unit count, building age and updates (roof, wiring, plumbing, heating), sprinklers, pools and parking arrangements.
- Recommend ordinance or law (BP 04 46), water back-up (BP 04 53) and loss of rents through business income limits that match rent rolls.
- Check lender requirements for mortgagee and loss payable entries.
