What it does
BP 20 01 adapts the Micro-Businessowners Coverage Form (BP 00 04) to retail risks. When a Stock Limit of Insurance is shown in its Schedule, Covered Property is replaced by "stock", theft is added as a covered cause of loss, and an exclusion is added for dishonest or criminal acts (including theft) by the insured, its partners, members, officers, managers, employees, directors, trustees or representatives, or by anyone entrusted with the property. A theft deductible is shown in the Schedule.
Who needs it
Owner-operated shops and boutiques eligible for the Micro-BOP.
Quoting and selling notes
- Set the stock limit to peak inventory and explain the theft deductible.
- Employee theft is excluded; the full BOP offers employee dishonesty as an Optional Coverage.
