Deductible Charged in One Occurrence at Issue

Our client has a BP 00 03 01 06 policy with a $500 policy deductible. The insured sustained a break-in to his barber shop. The actors stole money and business personal property. The carrier insists that the policy states we must apply the policy deductible of $500 plus apply another $200 deductible for the cash that was stolen. It is my opinion that only one deductible applies to the loss and it should be the $500. Could you please review and advise your opinion?

New Jersey Subscriber

Under this form, only one deductible is applied. The optional coverage deductible (which includes money and securities) can be used to help satisfy the policy deductible. But the policy deductible is the most that should be charged in one occurrence. So, under the ISO form, the situation you describe would generate a $500 maximum deductible.

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