New IM Small Business Forms offered
NU Online News Service, Jan. 4, 11:00 a.m. EST?Property-casualty insurers that write commercial inland marine coverage now have access to a new standardized form that provides streamlined computer coverage for small business.[@@]
The American Association of Insurance Services recently released a new "Business Computer Coverage" form for commercial risk with total hardware and software values up to $100,000. The form is provided as part of the electronic data processing section of the AAIS Inland Marine Guide, which provides policy forms, rating procedures, underwriting guidelines and other information.
Although the guide is devoted to traditionally nonfiled classes of inland marine insurance, the Business Computer Coverage form, like other forms provided in the guide, is being filed in more than 20 jurisdictions that do not exempt inland marine forms from filing requirements, according to AAIS.
Requested by insurers currently using the guide, the Business Computer Coverage form provides physical damage and extra expense coverage for computer hardware and software at scheduled locations.
"Standard computer coverage has become more complex in recent years with the development of separate limits for different types of software and hardware," said Robert Guevara, AAIS vice president, inland marine. "This new form reintroduces a relatively simple set of limits for small risks but incorporates the latest definitions, valuation provisions and other features."
Coverage extensions are provided in the form for mechanical breakdown, electrical and power supply disturbance, emergency removal and debris removal; supplemental coverages are provided for new hardware and acquired locations, pollutant cleanup and removal, and property in transit and off-site, AAIS said.
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