What it does
BP 10 09 amends Section I – Property so that only listed causes of loss are covered, instead of the special-perils approach of BP 00 03. ISO notes that it also removes the Collapse and the Water Damage, Other Liquids, Powder or Molten Material additional coverages.
Who needs it
Used by underwriters to restrict coverage on risks they would otherwise decline – older buildings, frame construction, poor maintenance, or classes with loss histories. Some carriers offer it as a price option.
Quoting and selling notes
- Point it out on the quote: theft, water damage from leaks, and many "other" losses are no longer covered unless a named peril applies.
- When competing quotes differ in price, check whether one carries BP 10 09.
- Oregon uses its own named-perils changes endorsement.
Related forms
BP 00 03 Businessowners Coverage Form.
