What it does
BP 17 02 modifies the BOP for a business that owns a commercial condominium unit. ISO lists it among the condominium endorsements used to underwrite condominium risks and, for eligibility, treats condominium commercial unit-owners as insuring the business personal property of owners of eligible units.
Who needs it
Owners of office, medical, retail or light-industrial condominium units who need coverage for their contents and the unit improvements that the association agreement leaves to them.
Quoting and selling notes
- Get the association documents: what the master policy covers decides the building-related limit the unit-owner needs.
- Offer BP 17 03 for loss assessment and miscellaneous real property.
- Georgia, Florida, Utah and the District of Columbia have state versions.
