The Commission Releases New Business Personal Property Coverage Form for Subscribers
The Floridant/10343086

PONTE VEDRA BEACH, Fla. - Floridant -- Property & Marine Insurance Commission (PMIC) has introduced its new Business Personal Property (BPP) Coverage Form, providing subscriber insurance carriers with a modern solution designed to protect business assets. The form covers a broad range of property, including equipment, inventory, furniture, electronics, accounts receivable, valuable papers, tenant improvements and betterments, data, software, and other essential business property against direct physical loss or damage from fortuitous perils on a primarily "all risk" basis, subject to stated exclusions.

The coverage form offers multiple valuation options, including stated value, "new-for-old" replacement, and functional replacement cost, along with tailored valuation provisions for specialized property such as electronic data, valuable papers, accounts receivable, money and securities, and property of others. Optional coverages include business income and operating expenses, dependent property losses, civil authority and ingress/egress loss of income, rental expense, sue and labor costs, and debris and contaminant cleanup.

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"Our subscribers continue to seek innovative products that address the evolving needs of commercial insureds," said Joseph DiPaola, President of Property & Marine Insurance Commission. "This new coverage form provides carriers with a flexible framework for protecting the critical assets businesses rely on every day." Alexander McGinley, Executive Vice President of PMIC, added, "The form combines broad property protection, flexible valuation methodologies, and contract-friendly provisions that insurers can readily adapt to their target markets, helping them deliver meaningful solutions to policyholders." The form also includes automatic additional insured and loss payee provisions when required by written contract prior to loss.

About Property & Marine Insurance Commission

Property & Marine Insurance Commission (PMIC) Property & Marine Insurance Commission (https://www.thecommission.com/) is an insurance advisory and rating organization that develops proprietary policy forms, endorsements, manuals, rules, rates, and underwriting resources for insurance company subscribers. PMIC's products are designed to help insurers efficiently develop and market specialized commercial property, marine, and other commercial insurance solutions.

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Disclaimer: This announcement is provided for informational purposes only. The coverage form described herein is available for use by PMIC subscribers. Coverage under any policy incorporating the form is subject to the specific terms, conditions, limitations, exclusions, and endorsements of the policy issued by the insurer. Availability may vary by insurer and jurisdiction.