Business and Personal Property Coverage Form (BPPCF)
The business and personal property coverage form (BPPCF) is a form that defines the aspect of a commercial insurance policy that insures against accidental damage to owned buildings, owned business personal property and non-owned business personal property. The business and personal property coverage form (BPPCF) is a form that defines the aspect of a commercial insurance policy that insures against accidental damage to owned buildings, owned business personal property and non-owned business personal property. Non-owned business personal property includes permanent improvements the insured has made to leased property as well as personal property belonging to another party but in the custody of the insured. Most business and personal property coverage forms (BPPCF) insure against all categories of peril, basic causes of loss, broad causes of loss and special causes of loss. For example, BPPCF may, through endorsements, insure against earthquake and radioactive contamination and extend coverage to personal effects, papers and records and off-premises property on a location not owned by the insured.
What Is the Business and Personal Property Coverage Form (BPPCF)?
The business and personal property coverage form (BPPCF) is a form that defines the aspect of a commercial insurance policy that insures against accidental damage to owned buildings, owned business personal property and non-owned business personal property.
Understanding the Business and Personal Property Coverage Form (BPPCF)
Most business and personal property coverage forms (BPPCF) insure against all categories of peril, basic causes of loss, broad causes of loss and special causes of loss. That means the BPPCF usually covers virtually all perils except those specifically excluded on the special causes of loss form. Policies typically exclude flood, war, wear and earthquake from coverage.
Owned buildings include buildings declared in the policy as well as permanent fixtures and improvements to those buildings. Owned business personal property includes property belonging to the insured. Non-owned business personal property includes permanent improvements the insured has made to leased property as well as personal property belonging to another party but in the custody of the insured.
The Simplified Commercial Lines Portfolio (SCLP) Policy
The BPPCF is one part of a simplified commercial lines portfolio (SCLP) policy, which insures a business against damages and losses. The other three parts of an SCLP policy are crime coverage, boiler and machinery coverage and liability coverage. Many people use SCLP and BPPCF almost interchangeably, as the BPPCF is the most prominent part of an SCLP policy.
Related terms:
Accounting
Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business to oversight agencies, regulators, and the IRS. read more
Blanket Bond
A blanket bond is insurance coverage carried by brokerages and other financial institutions to protect them against losses due to employee dishonesty. read more
Boiler And Machinery (BM) Insurance
Boiler And Machinery Insurance (BM) provides coverage for physical damage to and financial loss from equipment breakdown. read more
Building And Personal Property Coverage Form
A building and personal property coverage form is a type of business insurance coverage for physical damage or loss to commercial property. read more
Business Crime Insurance
Business crime insurance gives companies protection from damage from corporate crimes like fraud, embezzlement, theft, and others. read more
Business Insurance
Business insurance coverage is purchased by firms or enterprises in order to protect from potential hazards or harms. read more
Business Liability Insurance
Business liability insurance protects a company and/or business owner in the event of a formal lawsuit or any third-party claim. read more
Business Owner Policy – BOP
A business owner policy (BOP) combines protection from all major property and liability risks into one package. They typically contain business interruption insurance, property insurance, and liability protection. read more
Commercial General Liability (CGL)
Commercial general liability (CGL) insurance provides coverage to a business for claims caused by the business’s operations, products, or on its premises. read more
Commercial Multiple Peril (CMP) Policy
A commercial multiple peril (CMP) policy offers a variety of coverages stemming from multiple causes. read more