The ISO Commercial Portfolio Program.ppt

The ISO Commercial Portfolio Program 1. In 1986 ISO introduced “Portfolio Program.” 2. Simplified language forms for commercial lines fire insurance plate glass boiler and machinery inland marine crime insurance general liability automobile 3. Modular forms and standard policy conditions Commercial Property Coverages 1. Traditional fields of “fire” and “allied lines” 2. Provides coverage for Direct and Indirect loss Common Policy Conditions 1. Cancellation 2. Changes 3. Examination of Your Books and Records 4. Inspections and Surveys 5. Premiums 6. Transfer of Your Rights and Duties Under This Policy Building and Personal Property Coverage Form 1. Standard form for insuring most personal property 2. Used to provide direct damage coverage on buildings and contents or both A. Building B. Business Personal Property - including improvements and betterments C. Personal Property of Others in the insured’s custody Causes of Loss Forms 1. Causes of Loss - Basic Form 2. Causes of Loss - Broad Form 3. Causes of Loss - Special Form 4. Causes of Loss - Earthquake Form Causes of Loss Basic Form 1. Fire 2. Lightning 3. Explosion 4. Windstorm or Hail 5. Smoke 6. Aircraft or Vehicles 7. Riot or Civil Commotion 8. Vandalism 9. Sprinkler Leakage 10. Sinkhole Collapse 11. Volcanic Action Causes of Loss Basic Form Exclusions 1. building ordinance 2. earth movement 3. government action 4. nuclear hazard 5. power failure 6. war and military 7. flood and other types of water losses 8. electrical apparatus 9. leakage/discharge of water or steam except from sprinkler systems 10. rupture of water pipes Causes of Loss Broad Form Covers all perils of the Basic Form plus 1. breakage of glass ($100 per plate) 2. falling objects 3. weight of ice, snow, or sleet 4. water damage 5. “collapse” covered as an additional coverage Causes of Loss Special Form 1. Open peril coverage for risks of direct physical loss. 2. Provides coverage for Collapse as an Additional Covera