ISO's 2017 Commercial Property Changes
Author: Chris Boggs
Insurance Services Office (ISO) filed several important commercial property changes effective September 1, 2017. As part of this filing, ISO:
- Broadened coverage in the CP 10 30 Cause of Loss - Special Form;
- Expanded coverage options for tenants required to insure the landlord's property;
- Tightened down on the protective safeguard requirements - narrowing coverage;
- Opened up several new options for utility services coverage for the business income form;
- Gave building owners a GREAT new option for their building code (ordinance or law) exposure; and
- Introduced a new ordinance or law endorsement specifically for tenants.
In this 23-page Big "I" Virtual University Risk & Reality Report, author Chris Boggs covers these six changes that promise to have a major impact on your clients and the options you can offer them. Some changes are welcome, and you'll want to be sure and point out these new benefits to your insureds. However, a few changes are NOT in our client's best interests - and you must be able to warn your insureds of these new problems (or know how to avoid them).
What is a Big "I" Virtual University Risk & Reality Report?
Our Risk & Reality Reports are white papers adapted from various Big "I" Virtual University webinars and articles written by some of the industry's leading experts.