The BOP Can Be Written on a Monoline Policy
We have always thought of the BOP as being a package policy offering both Property and Liability on the same policy. Prior edition dates had a separate property and liability form that was combined on the policy while recent edition dates have both property and liability on the same form. Regardless they were packaged coverages. Insurance companies for some time have been offering the BOP coverages on a monoline basis wherein the policy can be issued for property or liability ONLY.
Did You Know: That many insurance companies offer either property or liability written alone using the same form language as they do on the BOP. For example Hartford Insurance will issue a property or liability ONLY policy for classes of business that qualifies for their BOP underwriting
Did You Know: That the criteria for writing monoline coverages are:
• Must be an eligible class
• Liability or property is written separately by another carrier often times in the excess surplus market
• Liability exposures are too hazardous but property exposures qualify
• Property exposures are too small to insure or the insured has chosen not to insure for property
Did you Know: Examples of risks that are more typically written on a monoline BOP are risks such as: contractors in CA in the artisan category and manufacturers.
Laurie Infantino, AFIS, CISC, CIC, CRIS, ACSR, CISR
Insurance Skills Center
www.InsuranceSkillsCenter.com