Summary: Insurance Services Office ISO) has revised its businessowners forms. Where before there were two property coverage forms—one providing standard, or named perils protection (BP 00 01 01 97), and the other providing special perils protection (BP 00 02 12 99), there is now one form (BP 00 03 07 02). This form incorporates special perils coverage, liability, and the policy conditions (previously BP 00 02 12 99, BP 00 06 01 97, and BP 00 09 01 97 respectively). Coverage may be changed to named perils by attaching endorsement BP 10 09 07 02 named perils. This endorsement is discussed elsewhere; see Businessowners Program Endorsements. The businessowners conditions and liability coverages are also discussed elsewhere in this tab. See Businessowners Program for a discussion of eligibility and the general conditions, and see Businessowners Liability Coverage.

The businessowners property form offers replacement cost coverage or an actual cash value option. Beyond this, much of the coverage under the forms is similar to that available through ISO's commercial property program (see Building and Personal Property Coverage Form).

The following discussion focuses on the property coverages of form BP 00 03 07 02, with any differences from the earlier special form BP 00 02 12 99 indicated. For conditions governing loss payment, limits of insurance, and definitions, see Businessowners Property Coverage, Part II.  Remember that not all insurers immediately adopt new ISO forms; many use earlier editions. Therefore, check carefully in making any coverage determinations.