Verisk to Introduce Significant Updates to the Businessowners Policy Program
Citing “climate change, changing lifestyles and new technologies,” Verisk will update the Businessowners (BOP) program with “significant enhancements.” Read on for an overview of the expected changes.
Citing “climate change, changing lifestyles and new technologies,” Verisk will update the Business owners (BOP) program with “significant enhancements.” Work from home, the increased “gig” economy, cannabis opportunities and other societal shifts have encouraged Verisk to refresh its ISO BOP program. Overview of BOP Changes Here are some of the significant changes you can expect. Updates to the base coverage form to exclude ransomware coverage An increased radius expansion from the current 100 feet to 1,000 Why the Changes According to an article on the Verisk site, “More accurate classifications can support more precise pricing, help reduce premium leakage, free up additional revenue and resources…” which can help carriers operate more profitably. NAIC updates show classes that are now that are “more complete and current. “To download the Verisk BOP updates brochure, visit this link. Examples of Class Code Changes Here are some class code change examples listed on Verisk’s BOP brochure linked just above. Auto service risk classification enhancements Over 20 new medical office classifications New cannabis-related business classifications Retail class code changes with a sub-class for rentals, eliminating video rental stores. (Hey, Video Exclusives, I guess your out of luck!) The addition of new classes such as online stores New internet sales classifications “More granular” new number of units for apartments and residential condos New contractor classifications New office classes such as co-working spaces New classes for information technology risks According to Verisk, these are just a few of the classifications changes you’ll see. Called one of the “most significant enhancements to the ISO BOP program,” agents can learn more about these changes by reaching out directly to ISO. When are BOP Changes Effective? According to Verisk personnel, the BOP filing has been submitted to a number of jurisdictions with a proposed effective date of December 2024. The circulars (available to carriers) for this filing are as follows. LI-BP-2023-196 – Forms LI-BP-2023-197 – Loss Costs LI-BP-2023-198 – Rules As we get more information, we’ll update this article. Originally Published: October 27, 2023 |
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