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Question: The insured has a commerical policy — CP 00 01 (07/02) — with no deductible. This policyholder owns a few buildings and one of the buildings is used to store some of his business personal property (BPP) valued at $200,000. He has the property insured for $200,000. So it is insured adequately.

Later, he buys addition BPP (newly acquired property) worth $110,000. He places this additional BPP in the same storage building. Ten days go by after the purchase and he still has not called his carrier to add this newly acquired property.