Commercial Property Endorsements

 October 21, 2013

 Standard Amendments of Coverage

 Summary: Many of the standard endorsements used as part of the commercial property program of Insurance Services Office (ISO), in the order of their CP designations, along with a brief description of the coverages provided by each, are included in this article. There are cross-references for endorsement forms that are the subject of separate discussion elsewhere in FC&S. The discussion that follows is based on the 10 12 revisions to the ISO commercial property program.

Unless otherwise indicated, endorsements modifying property forms may be used with the Building and Personal Property Coverage Form (CP 00 10 10 12); the Condominium Association Coverage Form (CP 00 17 10 12); the Condominium Commercial Unit-Owners Coverage Form (CP 00 18 10 12); and the Standard Property Policy (CP 00 99 10 12). Endorsements changing causes of loss forms may be used with the basic (CP 10 10 10 12), broad (CP 10 20 10 12), and special ( CP 10 30 06 07) causes of loss forms unless differences are noted. References to Commercial Lines Manual (CLM) rules are to rules in division five, fire and allied lines.

Topics covered:

 

Cancellation Changes, CP 02 99 06 07

 

This endorsement was created in response to the growing public concern over occurrences of arson. In those jurisdictions where it is available, it permits the insurance company to cancel the contract with five days notice (provided state statutes do not prohibit such cancellation) if conditions that increase the possibility of arson are found to exist. Among the conditions that may trigger the shorter notice of cancellation are sixty days consecutive vacancy or unoccupancy (with certain exceptions) or a declaration by a governmental authority that the building is unsafe. Addition of this endorsement modifies the cancellation provisions of the common policy conditions of the commercial property program.

 

Multiple Deductible Form (Fixed Dollar Deductibles), CP 03 20 10 92

 

This endorsement is used if the insured wishes to increase the deductible above the $500 standard deductible. Deductibles apply on a per location basis; different deductibles may be selected for different locations, but the deductible that applies at each location must be uniform for that location even if property at one location is divided between blanket and specific limits. However, it is permissible to choose separate deductibles for windstorm/hail and theft by scheduling them on the endorsement; that deductible applies to all covered property damaged by that cause of loss at that location. If different deductibles apply to loss from the same occurrence (for example, windstorm) at more than one location, only the largest applicable deductible applies to the loss. The endorsement may be used with the Builders Risk Coverage Form (CP 00 20) and the Tobacco Sales Warehouse Coverage Form (CP 00 80), as well as the forms listed in the introduction.

 

Windstorm Or Hail Deductible, CP 03 21 10 12

 

This endorsement allows the insured to choose a deductible for the perils of wind or hail, apart from the deductible that applies to all other perils. The available deductibles are 1 percent, 2 percent, or 5 percent of covered property. The deductible applies separately to each building that sustains loss or damage; personal property at each building at which there is loss or damage to personal property; personal property in the open; if there is damaged to a building and to personal property in that building, separate deductibles apply to each. The endorsement gives examples of how the deductible is calculated for both blanket and specific insurance situations. For the 2007 edition, language was added to make it explicit that this endorsement does not affect the impact of the policy's water exclusion or any other exclusion in the policy and does not affect the application of a flood deductible if the policy or another policy provides coverage for flood. Nonsubstantive editorial changes were made to the 2012 edition.

 

Deductibles By Location , CP 03 29 10 12

 

The 2012 commercial property update introduced endorsement CP 03 29. Under this endorsement, selected deductibles apply at each location that sustains loss or damage. The amount of the deductible can be the same at each locations or different amounts can be selected for each location. A location may be a site at a location containing multiple sites or a building for a risk with multiple buildings or multiple sites with multiple buildings.

 

Brands And Labels, CP 04 01 10 00

 

This endorsement provides the original manufacturer with two options concerning branded or labeled merchandise that has been damaged by an insured peril and that the insurance company acquires as salvage. The insured may stamp such merchandise as salvage material or it may relabel it as long as the new labels comply with the law. The insurer will pay the reasonable costs incurred by the insured to do this, but the applicable limit of insurance is not increased. The purpose is to save the insured from having the insurance company as a direct competitor as it disposes of the salvage.

 

Specified Business Personal Property Temporarily Away From Premises, CP 04 04 10 12

 

The 2012 commercial property update introduced endorsement CP 04 04, which provides coverage for business personal property temporarily away from the described premises in the course of daily business activities. The property must be in the insured's (or an insured's employee's) care, custody, or control. The endorsement includes a schedule where the property is described by item or by category and where a limit can be chosen. Property held by salespersons and stock or products of the business are generally not covered.

 

Ordinance Or Law, CP 04 05 10 12

 

The Building and Personal Property Coverage Form contains an additional coverage of the least of $10,000 per building, or 5 percent of the limit of liability applicable to that building, for increased cost of construction caused by compliance with any law or ordinance governing repair or rebuilding. However, this additional coverage responds only if the insured has selected the replacement cost option. The 2013 revision removed reference to enforcement of laws or ordinances and changed the language to comply with an ordinance or law.

 

In other instances, this endorsement may be attached. It responds if the compliance with any building, zoning, or land use law results in added costs that are not covered as direct loss. The endorsement provides three distinct coverages: coverage A for loss to the undamaged portion of the building; coverage B, demolition and removal costs of undamaged parts of the structure; and coverage C, any increased cost of repairs or reconstruction. This endorsement cannot be used with the Commercial Unit-Owners Coverage form (CP 00 18) because that form covers only personal property.

 

Provision B details how coverage is triggered in the event that covered property is damaged by both a covered and an excluded peril. A description of proportionate loss payment is included. Provision H. contains examples of proportionate loss settlement.

 

Replacement cost applies to coverage A if the insured has chosen replacement cost for the direct portion of the loss. Since the Standard Property Policy (CP 00 99) does not include an option for replacement cost coverage, only coverages A and B of the endorsement can be used with it.

 

Coverage A covers loss to the undamaged portion of the building caused by compliance with certain ordinances or laws. Such laws may require demolition or regulate construction, repair, zoning, or land use (such as laws that do not allow the same type of land use upon rebuilding as the insured had before the loss). In other words, the loss of value is covered. For coverage to apply, the ordinance or law must be in force at the time of loss. Coverage A is not an additional amount of insurance but merely an extension of the existing policy limit. Thus, recovery is limited to the lesser of actual cash value or the building coverage limit if replacement cost coverage does not apply. Replacement cost may not apply because an insured chooses not to repair or replace or because the insured did not buy the coverage.

 

Coinsurance requirements apply only to coverage A. In the case of coverage A, the insured must purchase coverage for at least 80 percent of the property's replacement cost value if the insured has elected optional replacement cost, or, if not, 80 percent of actual cash value. Since coverage C requires that the underlying policy include the replacement cost option, the rules effectively require insurance equal to 80 percent of the property's replacement cost when coverage C is selected.

 

The CP 04 05 limits the amount of debris removal coverage to the lesser of the amount actually spent to demolish and clear the site or the coverage B limit.

 

If the building is actually repaired or replaced, either at the same or another location, coverage C pays the lesser of the increased cost of construction at the same premises or the coverage C limit. However, if the ordinance or law requires relocation to another location, coverage C pays the lesser of the increased cost of construction at the new premises, or the applicable limit. The form limits the time to rebuild to two years. However, that limit may be extended by another two years.

 

The current edition contains an exclusion of costs associated with any ordinance or law regarding pollutants. Although there is no coverage under the endorsement, some pollution loss coverage is provided in the commercial property program.

 

Pollutant Clean Up And Removal Additional Aggregate Limit Of Insurance, CP 04 07 10 91

 

This endorsement allows an insured to schedule an additional annual aggregate limit for the clean up and removal of pollutants from land or water on the insured's premises. The limit applies as excess over the basic $10,000 aggregate limit for pollutant clean up found on the property coverage form to which the endorsement is attached. The manual rule concerning the deductible under the endorsement was modified by the 1990 program changes to reflect that deductibles are currently applied on a per location basis (see Building and Personal Property Coverage Form). A deductible is scheduled on the endorsement for each location; this deductible should not be less than the largest direct damage deductible that applies to the particular location. The minimum deductible under the endorsement is $1,000. The endorsement may be used with the Builders Risk Coverage Form (CP 00 20) and the Tobacco Sales Warehouse Coverage Form (CP 00 80) as well as the forms listed in the introduction.

 

The contaminant and pollutant clean up and removal additional aggregate limit of insurance does not respond until both the amount of the deductible scheduled on the endorsement and any amount remaining from the basic $10,000 annual aggregate limit are exceeded. For example, assume a cost of $40,000 to remove pollutants from the insured premises with an additional limit of $35,000 and a $5,000 deductible scheduled on endorsement CP 04 07. If $3,000 of the basic $10,000 aggregate limit is available from the Building and Personal Property Coverage Form CP 00 10, then $8,000 (the $5,000 deductible plus the remaining $3,000 limit) would be subtracted from $40,000. Endorsement CP 04 07 would respond for $32,000.

 

 

Higher Limits, CP 04 08 10 12

This endorsement was introduced in the 2012 commercial property program revision. It provides an alternative to using the declarations for increasing certain specified dollar limits. It does not replace current endorsements that enable higher limits.

 

Increase In Rebuilding Expenses Following Disaster (Additional Expense Coverage On Annual Aggregate Basis), CP 04 09 10 12

 

Because labor and building material costs can increase following widespread disasters, ISO introduced endorsement CP 04 09 in the 2012 commercial property program revision. Additional expenses when the costs of labor or building materials increase as the result of a disaster, and the total cost of repair or replacement exceeds the limits of insurance, can be insured on CP 04 09.

 

In order for coverage to apply, state or federal authorities must declare the event that caused loss or damage a disaster, or the event must occur in close temporal proximity to the event that resulted in the declaration of a disaster.

 

Electrical Apparatus, CP 04 10 06 07

 

The CP 00 10 excludes damage caused by artificially generated electrical, magnetic, or electromagnetic energy. However, it makes an exception allowing coverage for any resulting fire damage.

 

Endorsement CP 04 10 extends this exception to include coverage for damage to electrical equipment or devices from resulting explosions also, and for damage by electricity after the fire or explosion. (Damage by electricity—or any other immediate occurrence triggered by fire or explosion—is normally covered by fire or explosion, e.g., smoke damage from a covered fire.) Use of the endorsement calls for extreme care that all policies covering the property have a similar amendatory endorsement. Loss settlement is handled by a proportional method that will leave the insured severely disappointed otherwise. Unless a higher amount is shown on the declarations, coverage under this endorsement is subject to a $1,000 deductible.

 

Protective Safeguards, CP 04 11 10 12

 

With the 2012 commercial property program revision, endorsement IL 04 15 was withdrawn and replaced with endorsement CP 04 11, which pertains only to commercial property insurance. It contains the same provisions as the IL 04 15 endorsement but with the addition of a symbol and description to recognize hood-and-duct fire extinguishing systems.

 

This endorsement identifies what fire protection safeguards exist on the insured's property and clarifies the insured's duties with respect to the maintenance of such systems—for example, keeping the systems in operation and notifying the insurance company if they are not working properly. If this notification process is not followed, coverage is suspended. Insureds with automatic sprinklers have forty-eight hours to restore a nonfunctioning systems before they must notify the insurer.

 

Debris Removal Additional Insurance, CP 04 15 10 12

 

The coverage forms of the commercial property program provide an additional $25,000 (increased from $10,000 in the 2012 revision) for debris removal expense if the applicable building and personal property limits are exhausted. Endorsement CP 04 15 may be added to increase this $25,000 limit. The manual rules specify that use of the endorsement requires that it be attached to all policies covering the same property. It may be added to the Builders Risk Coverage Form (CP 00 20) and the Tobacco Sales Warehouse Coverage Form (CP 00 80) in addition to the forms listed in the introduction to this discussion.

 

Utility Services – Direct Damage, CP 04 17 10 12

 

This endorsement provides coverage for loss or damage to covered property that results from the interruption of water, communication, or power supply services if a covered cause of loss damages any of the properties furnishing these services. Damage to electronic data is excluded.

 

The insured may elect to cover one or all of the three exposures. The endorsement may be added to the Builders Risk Coverage Form (CP 00 20) and the Tobacco Sales Warehouse Coverage Form (CP 00 80) in addition to the forms listed in the introduction.

 

The form defines the covered services as follows:

 

1.  Water supply services are generated from pumping stations and water mains;

2.  Communication supply services (telephone, radio, microwave or television) are provided through transmission lines, coaxial cables and microwave radio relays (not satellites); and

3.  Power supply services are provided through utility generating plants, switching stations, substations, transformers and transmission lines and furnish electricity, steam or gas.

 

The current form allows the insured to extend coverage for losses resulting from damaged transmission lines listed under both communication and power supply services to lines that are overhead.

 

Condominium Commercial Unit Owners Optional Coverages, CP 04 18 10 12

 

This endorsement is used in conjunction with Condominium Commercial Unit-Owners Changes – Standard Property Policy. The form pays the unit owner's share of an assessment charged to all unit owners by the condominium association made during the policy period and as a result of direct physical loss or damage to property in which each unit owner has an undivided interest, caused by a covered cause of loss. The 2007 edition enabled identification of each condominium unit to which coverage applies.

 

Newly Acquired Or Constructed Property – Increased Limit, CP 04 25 10 90

 

Property coverage forms CP 00 10, CP 00 17, and CP 00 99 provide an extension of $250,000 of building property coverage to newly acquired or constructed property. This extension of coverage is also contained in the Legal Liability Coverage Form, CP 00 40. The endorsement increases the $250,000 limit and must be written for the same causes of loss as the underlying insurance. It must be attached to all policies covering the same building property.

 

Electronic Commerce (E-Commerce), CP 04 30 06 07

 

This optional endorsement addresses certain exposures faced by insureds who use the Internet in their business operations. It limits coverage to loss arising from e-commerce activity. The opening paragraph of the endorsement defines e-commerce as that "conducted via the Internet or other computer-based interactive communications network."

 

With a single annual aggregate limit of liability, this endorsement provides direct damage coverage under section I and time element coverage under section II. Section III describes the perils insured against and section IV contains the conditions.

 

Section I covers damage to electronic data from a covered peril. It promises to replace or restore the lost or damaged data. The data may be owned by the insured or licensed or leased to the insured. The endorsement specifies that it does not cover data that the insured licenses, leases, or rents to others. It also specifically excludes the cost to duplicate research that led to the development of the electronic data.

 

Section II of the endorsement provides time element coverage. It covers the insured's lost income as well as extra expense when e-commerce activity is suspended. Business income and extra expense are defined similarly to the definitions in form CP 00 30.

 

The suspension must be caused by a loss under Section I or an interruption in computer network service. The form provides ninety days coverage for a section I loss and two weeks of income lost due to a computer network interruption. The endorsement provides business income coverage even if the policy to which it is attached does not.

 

Section III sets forth the covered perils, based on modifications to Special Form Coverage. The first paragraph in section III specifies that the provisions of this endorsement do not supersede the "exclusion of certain computer-related losses." It deletes three exclusions from the CP 10 30 and adds eight new ones.

 

Changes – Fungus, Wet Rot, Dry Rot And Bacteria, CP 04 31 04 02

 

This endorsement allows the insured to increase the sublimit ($15,000) of coverage for damage from fungus, wet and dry rot, and bacteria that the CP 00 10 provides. If the insured has chosen the separate premises option, then the new limit for this coverage applies separately to each premise. The limit of liability for this coverage is included in the limit of liability for the covered property. The insured may also choose to amend the number of days that business income is payable for a fungus, wet and dry rot, or bacteria loss. The basic policy provides thirty days.

 

Business Personal Property Limited International Coverage, CP 04 32 04 02

 

The Building and Personal Property Coverage Form, CP 00 10, covers business personal property only on the described premises. For an additional premium, the insured may choose to cover such property in foreign countries or on its way to such countries. The endorsement asks the insured to specify the "foreign coverage territory," other than the U.S., its territories and possessions, Puerto Rico, or Canada. The insured also specifies the length of time for the coverage and the applicable limit of liability.

 

In order for the coverage to apply, the property must be

 

1.     Used in the insured's business activity in the foreign country

2.     In the insured's care or the care of the insured's authorized representative or located at a location the insured leases or owns

3.     Temporarily in the foreign country, as indicated by the time period shown on the endorsement

 

The endorsement does not cover

 

1.     Property that the insured exports to a foreign country or that is held for sale in a foreign country

2.     Property in the care of a carrier or bailee for hire.

 

This endorsement cannot be used to cover property being transported around the United States. For that the insured needs inland marine coverage.

 

Property In Process of Manufacture By Others Limited International Coverage, CP 04 33 04 02

Like the CP 04 32, this endorsement amends the coverage territory to those places the insured indicates. It covers the insured's raw materials and in-process goods while they are in the manufacturing process in a foreign country. The manufacturing must be done at a location that the insured does not own or operate.

 

Functional Building Valuation, CP 04 38 10 12

 

Insureds may add this endorsement to the Building and Personal Property Coverage Form (CP 00 10) or the Condominium Association Coverage Form (CP 00 17) to provide an alternate method of valuation for building property. It is used when a functionally equivalent building can replace the original at a lower cost than would be required by an identical replacement. Functional replacement cost valuation provides a lower valuation than replacement cost, resulting in a reduction of the amount of insurance coverage required and lower premiums.

 

The Commercial Lines Manual (CLM rule 38R) gives an example of how to develop the limit of insurance for this type of valuation under the current endorsement.

 

Buildings insured under the endorsement are not subject to the policy's coinsurance condition. In event of a total loss, if the insured chooses to repair or replace the building, the insurer pays the lesser of the limit shown on the endorsement or the cost to replace the building on the same site with a less costly, but functionally equivalent building. In event of a partial loss, the insurer agrees to pay the lesser of the cost to repair or replace the damaged portion in the same architectural style with less costly material (if available) or the necessary amount actually spent to repair or replace the building with less costly material (if available). The insured must contract for the repairs within 180 days of the loss unless the insured and insurer agree otherwise.

 

If the insured does not select repair or replacement (or does not do so within the 180 day time period), coverage is limited to the smallest of the endorsed limit, the market value (defined as the price that the property might be sold for in a fair market exclusive of land value) at the time of loss, or a modified form of actual cash value (the amount to repair or replace on the same site with less costly material and in the same architectural style, less depreciation).

 

An important feature of the current endorsement is automatic ordinance or law coverage. Coverage provisions are similar to those in endorsement CP 04 05, but the loss settlement provisions are modified to reflect the use of functional valuation.

 

Certain fixtures and personal property used to service the premises are not specifically excluded under this endorsement, so items such as awnings or floor coverings; appliances for refrigerating, ventilating, cooking, dishwashing or laundering; or outdoor equipment or furniture (treated as building property under the property coverage form) can be valued at functional replacement cost. Functional replacement cost coverage may be more favorable for such items than actual cash value.

 

If there is other insurance using the same type of valuation, coverage for the loss is pro rata. Coverage is excess when other insurance covering the loss is not subject to the same plan, terms, conditions (such as valuation), and provisions.

 

Provision G. gives examples of proportionate ordinance and law coverage if damage results from both a covered and an excluded peril.

 

Functional Personal Property Valuation (Other Than Stock), CP 04 39 10 90

 

Insureds may add this endorsement to the Building and Personal Property Coverage Form (CP 00 10) and the Condominium Coverage forms (CP 00 17 and CP 00 18) to allow for an alternate method of valuation on scheduled items of personal property. It is used when an item of personal property cannot be replaced with the same type of property (as when the damaged property is technologically obsolete), or when actual cash value would be inappropriate because the item depreciates quickly in value.

 

Coverage examples illustrating appropriate coverage limits under functional replacement cost are found in CLM rule 38(S). These examples illustrate that the insured may insure for a higher or lower amount of coverage than identical replacement would require, depending on changes in technology.

 

The endorsement was introduced by ISO in October 1990 to replace the provisions of endorsements CP 04 35 (Functional Replacement Cost) and CP 04 37 (Market Value — Property Other Than Stock), which were simultaneously withdrawn. Both of these endorsements were available for use with real and personal property. Endorsement CP 04 35 was designed for those cases where functional replacement cost (FRC) exceeded actual cash value (ACV), and CP 04 37 applied when FRC was less than ACV.

 

The coinsurance requirements of the policy do not apply to property scheduled on the endorsement. If the insured contracts for repair or replacement within 180 days of the loss (a time period that may be altered by consent of the insurer and the insured), the insurer pays the least of the following amounts under functional replacement cost: (1) the endorsed limit; (2) the cost to replace, on the same site, with the most equivalent property available; or (3) the necessary amount actually spent to repair or replace the property. If the insured chooses not to repair or replace (or does not do so within the 180 day time period), the insurer pays the smallest of (1) the applicable limit; (2) the market value (the price that the property could be expected to sell for in a fair market) at the time of loss; or (3) the amount to repair or replace with material of like kind and quality, minus an allowance for physical deterioration and depreciation.

 

Spoilage Coverage, CP 04 40 06 07

 

Endorsement CP 04 40 covers perishable stock at the described premises owned by the insured or by others that is in the insured's care, custody, or control.

 

Vacancy Permit, CP 04 50 07 88

 

Insureds may purchase coverage during periods of vacancy that extend beyond the sixty days permitted in the property form by attaching a vacancy permit. The manual rules apply to contents as well as building property, if contents are to be covered. The language of the vacancy permit does not limit coverage to building property only.

 

Coverage for direct physical loss or damage applies only to the locations and for the permit periods scheduled on the form or on the declarations. (It is possible to specify vandalism or sprinkler leakage as excepted causes of loss for a reduction in premium.)

 

Vacancy Changes, CP 04 60 10 12

 

This endorsement modifies the vacancy condition that states that a building is not vacant when at least 31 percent of it is being rented or used. This endorsement recognizes that in some instances a lower level of occupancy is acceptable.

 

The endorsement may be used with the Mortgageholders Errors and Omissions Coverage Form (CP 00 70) as well as the Building and Personal Property Coverage Form (CP 00 10), the Condominium Association Coverage Form (CP 00 17), the Condominium Commercial Unit-Owners Coverage Form (CP 00 18), and the Standard Property Policy (CP 00 99).

 

Theft Exclusion, CP 10 33 10 12

 

This endorsement rules out coverage for loss or damage directly caused by theft. The 2012 revision updated the endorsement to include a schedule.

 

Exclusion Of Loss Due To By-Products Of Production Or Processing Operations (Rental Properties), CP 10 34 10 12

 

The 2012 commercial property program revision added endorsement CP 10 34. The endorsement may be attached to policies issued to owners and tenants of rental premises. The exclusion was introduced to reinforce policy intent that insurance is not intended to cover business risks such as cooking grease damage to walls in a restaurant. Also not insurable are use of a rented premises for illegal purposes, such as methamphetamine labs.

 

Watercraft Exclusion, CP 10 35 06 95

 

This endorsement excludes damage to docks, retaining walls, bulkheads, piers, or wharves caused by watercraft.

 

Limitations On Coverage For Roof Surfacing, CP 10 36 10 12

 

The 2012 commercial property program revision added endorsement CP 10 36. The endorsement allows the option of actual cash value coverage for roof surfacing. The endorsement also provides a means for excluding cosmetic damage to roof surfacing for the perils of wind and hail.

 

Radioactive Contamination, CP 10 37 10 00

 

This endorsement is used to insure property damage and time element losses from sudden and accidental radioactive contamination and resulting radiation that arise from eligible material (such as that used in research or medical care) stored on the described premises. Use of CP 10 37 entails scheduling the location and type of property covered as well as whether limited or broad radioactive coverage applies. Limited radioactive contamination coverage applies to such contamination that directly results from another covered cause of loss, whereas broad radioactive contamination coverage does not require causation by another covered cause of loss. Only the broad coverage option may be used with the special causes of loss form (CP 10 30). Coverage does not apply if there is a nuclear reactor or new or used nuclear fuel used in connection with the reactor on the premises.

 

Discharge From Sewer, Drain Or Sump (Not Flood-Related), CP 10 38 10 12

 

The 2012 commercial property program revision added endorsement CP 10 38. The endorsement covers loss or damage caused by discharge from a sewer, drain, or sump, but not water or waterborne material induced by a flood or flood-related conditions. Sump pump failure due to power failure is not covered unless separate power failure coverage has been added. The endorsement's limit's do not increase the underlying limits of insurance.

 

Earthquake And Volcanic Eruption Endorsement, CP 10 40 10 12

 

This endorsement was renamed to eliminate confusion between it and the causes of loss forms (the previous name was Earthquake Cause of Loss Form). The form may be used to purchase coverage for loss from a sprinkler system caused by earthquake or volcanic eruption. If not subject to value reporting, the deductible is a percentage of the limit of liability; if subject to value reporting, the deductible is a percentage of the value of the property sustaining damage.

 

All earthquake shocks or volcanic eruptions that occur within any 168-hour period are considered to be one occurrence. Damage from tidal waves or tsunami that result from earthquake or volcanic eruption are not covered. The ordinance or law exclusion in this form applies, unless the insured has purchased ordinance or law coverage by endorsement. Masonry veneer is not covered, unless coverage is indicated in the declarations, or unless less than 10 percent of the total outside wall area is faced with masonry veneer. Stucco is not considered masonry veneer.

 

In the 2012 revision of the endorsement, language was added to establish that the percentage deductible does not apply to loss from sprinkler leakage caused by earthquake or volcanic eruption; such loss is subject to the flat dollar deductible for fire.

 

Earthquake Inception Extension, CP 10 41 08 99

 

Briefly, this endorsement is used to avoid a coverage gap when an expiring policy and new policy both include earthquake coverage. The endorsement specifically covers damage that occurs on or after the inception of the new coverage if the damage is caused by earthquake shocks or volcanic eruptions that began within seventy-two hours before the new policy takes effect.

 

Theft Of Building Materials And Supplies (Other Than Builders Risk), CP 10 44 10 12

 

ISO added this optional endorsement as part of the 2012 commercial property program revision. It provides coverage for the theft of building materials and supplies located within 100 feet of the premises when the materials and supplies are intended to become a permanent part of the building or structure. This endorsement can be attached to Building and Personal Property Coverage Form and the Condominium Association Coverage Form (CP 00 17), provided that the special causes of loss form applies without a theft exclusion. It cannot be added to the Builders Risk Coverage Form (CP 00 20).

 

Equipment Breakdown Cause Of Loss, CP 10 46 10 12

 

This endorsement was introduced in the 2012 commercial property program revision and adds equipment breakdown as an additional peril to the special causes of loss form (CP 10 30). The endorsement does not increase the limit of insurance on the underlying policy.

 

Suspension Or Reinstatement Of Coverage For Loss Caused By Breakdown Of Certain Equipment, CP 10 47 10 12

 

This endorsement was introduced in the 2012 commercial property program revision to work with a provision in the Equipment Breakdown Cause of Loss (CP 10 46) endorsement. It allows insurers to suspend or reinstate equipment breakdown coverage in accordance with a provision in CP 10 46.

 

Grain Properties – Explosion Limitation, CP 10 51 07 88

 

This endorsement restricts the peril of explosion found in the basic and broad causes of loss forms (CP 10 10 and CP 10 20) and the standard property policy (CP 00 99). It specifies that if a grain elevator or processing plant building or structure ruptures or bursts as a result of a change in temperature, the resulting damage is not covered as part of the explosion peril.

 

Broken Or Cracked Glass Exclusion Form, CP 10 52 06 07

 

This endorsement is attached to the Business and Personal Property Coverage Form (CP 00 10) at policy inception to identify any broken or cracked glass on the insured premises and to clarify that no coverage applies if damage caused by or resulting from the existing cracks or their extensions occurs. Identification of the breaks or cracks is made by diagram or by a written description of the damage.

 

Windstorm Or Hail Exclusion – Direct Damage, CP 10 53 06 07

 

An insurance company or an insured may desire to exclude certain property from coverage for these perils. This endorsement modifies the three causes of loss forms and standard property policy to eliminate payment for loss "caused directly or indirectly by Windstorm or Hail, regardless of any other cause or event that contributes concurrently or in any sequence to the loss or damage." It also excludes damage done by rain, snow, or dust resulting from a windstorm. However, any resulting loss that is not excluded is covered.

 

The endorsement excludes wind or hail damage as a covered cause of collapse and as a specified cause of loss. It also removes wind and hail as a covered cause of loss for property in transit.

 

Windstorm Or Hail Exclusion, CP 10 54 06 07

 

This endorsement extends the wind or hail exclusion to also apply to indirect losses covered under the business income coverage forms, extra expense coverage form, and leasehold interest. The 2007 edition of the endorsement added a schedule and language emphasizing the applicability of underlying policy exclusions.

 

Vandalism Exclusion, CP 10 55 06 07

 

The insured or the insurer may wish to exclude vandalism as a covered peril for certain property. The Vandalism Exclusion endorsement may be used with the three causes of loss forms but does not need to be added to the Standard Property Policy (CP 00 99) because the declarations to that form are used to show whether vandalism coverage has been purchased. Unlike endorsement CP 10 50, it specifically mentions the coverage provisions of the form that it affects. The endorsement does not exclude resulting loss or damage by a covered cause of loss. The 2007 edition of the endorsement added a schedule.

 

Sprinkler Leakage, CP 10 56 06 07

 

An insurance company or an insured may desire to exclude certain property, identified in the declarations, from coverage for sprinkler leakage. Endorsement CP 10 56 may be used with the basic, broad, and special causes of loss forms. It does not need to be attached to the Standard Property Policy (CP 00 99) because the declarations to that form are used to show whether sprinkler leakage coverage has been purchased. Unlike CP 10 50, it specifically mentions the coverage provisions of the form that it affects.

 

Two coverage changes made by the endorsement to the special causes of loss form (CP 10 30) should be noted. First, the endorsement does not provide coverage for loss or damage caused by the escape, due to freezing, of material from a fire protective system, unless the insured has done his best to maintain heat or has drained the equipment and shut off the supply in an unheated building.

The other significant change is that coverage for repair or replacement of damaged parts of fire extinguishing equipment is restricted to cases where the damage is directly caused by freezing and the insured has taken the precautions mentioned. Under the unendorsed special form additional coverage extensions, the cost to pay for damaged fire extinguishing equipment is covered if the damage results in discharge of any substances from the equipment or is directly caused by freezing (without requiring protective acts by the insured).

 

The 2007 edition of the endorsement added a schedule.

 

Molten Material, CP 10 60 07 88

 

When the molten material endorsement is attached to either the basic (CP 10 10) or broad (CP 10 20) causes of loss form or the Standard Property Policy (CP 00 99), accidental discharge of molten material from equipment and heat from such discharged material is added as a covered cause of loss. Loss of or damage to the discharged material itself is not covered. Likewise, the cost to repair any defect that caused the discharge and the cost to remove or recover the discharged material are excluded.

 

Flood Coverage, CP 10 65 10 12

 

This endorsement may be written as a layer of coverage above that provided by an underlying flood policy—one issued through the National Flood Insurance Plan (NFIP), or, subject to insurer agreement, it may provide first dollar flood coverage. Unlike the NFIP policy, the ISO endorsement provides for actual cash value, replacement cost, or functional replacement depending on the coverage of the underlying policy.

 

If a loss is also covered by the NFIP policy, or if the property is eligible to be written on an NFIP policy but is not, then coverage provided by the endorsement is excess over the maximum that can be issued by the NFIP regardless of whether the maximum limit was obtained or if the loss is collectible under the NFIP policy.

 

The endorsement gives $250,000 coverage (limited to $100,000 per premises) for newly acquired or constructed property; however, this is included in the limit of liability and is not an additional amount of insurance. The cost to remove debris of covered property and other debris on the described premises is covered within the limit of liability. Back-up or overflow of a sewer, drain, or sump that occurs within seventy-two hours after the flood recedes is covered if the back-up is the result of the flood.

 

Underground pipes, foundations, flues, and drains are added as covered property. Property in the open is covered if indicated in the schedule. Although coverage may be added by endorsement to the building and personal property forms for such property as bulkheads, pilings, piers, wharves, docks, and retaining walls, the flood endorsement will not provide coverage for these items. Destabilization of land caused by flooding of subsurface land areas is not covered. There is no coverage for ordinance or law unless added by separate endorsement.

 

No coverage is provided for any flood that begins before or within seventy-two hours after the inception date of the endorsement. The waiting period does not apply to renewals when the prior policy included flood coverage and the policy periods are consecutive with no break in coverage.

 

Unless indicated differently on the flood schedule, any coinsurance condition applies. There is a single occurrence limit for flood, which is subject to an annual aggregate. Depending on the insurer, the annual aggregate may be the same as the per occurrence limit, or a multiple thereof. 

 

Pier And Wharf Additional Covered Causes of Loss, CP 10 70 07 88

 

This endorsement affords coverage for eligible piers and wharves for two additional causes of loss: floating ice and collision with any vessel or floating object. The endorsement may be attached to either the basic (CP 10 10) or broad (CP 10 20) causes of loss forms or the Standard Property Policy (CP 00 99).

 

Builders Risk Endorsements, CP 11 05 — CP 11 20

 

This series of endorsements is discussed elsewhere. See Builders Risk Endorsements.

 

Builders Risk Changes – Standard Property Policy, CP 11 99 10 12

 

The builders risk changes endorsement is attached when the standard property policy is used to insure buildings under construction. It incorporates the provisions from the Builders Risk Coverage Form (CP 00 20) regarding covered property, coverage extensions, valuation, the need for adequate insurance, and the cessation of coverage.

 

Burglary And Robbery Protective Safeguards, CP 12 11 10 00

 

The purpose of the endorsement is to identify protective safeguards that protect the insured's property from burglary and robbery, those that—according to rating procedures in the CLM—warrant credits during premium development. The insurer will not pay for loss or damage caused by or resulting from theft if the insured knows of any suspension or impairment in the system and fails to notify the insurer or fails to maintain the system in working order.

 

Loss Payable Provisions, CP 12 18 10 12

 

This endorsement is used to make a claim settlement payable to a loss payee with an insurable interest and to provide limited protection to the loss payee against invalidation of the policy because of certain acts of the insured. It may be used with the Builders Risk Coverage Form (CP 00 20) as well as the other forms listed in the introduction.

 

Three loss payable options are available under the endorsement (loss payable, lender's loss payable, or contract of sale). The loss payable option stipulates that payment is to be made to the insured and loss payee as interests may appear. If the insurer denies a claim, the loss payee has no recourse under this clause.

 

The lender's loss payable clause is used for the protection of named creditors. If this option applies, the lender's rights are not affected by any breach by the insured and the lender is entitled to advance notice of cancellation. The lender's interest must be evidenced by written contracts such as warehouse receipts, a contract for deed, bills of lading, or financing statements.

 

The contract of sale option is used when there are duplicate interests in property being transferred by sale. Losses are adjusted as interests may appear. The other insurance condition is modified to take any other insurance of the loss payee into consideration during loss settlement.

 

Additional Insured – Building Owner, CP 12 19 06 07

 

This endorsement, added to the commercial property program in 2007, enables adding the building owner as an additional named insured under a tenant's building coverage.

 

Peak Season Limit Of Insurance, CP 12 30 06 95

 

Businesses that experience seasonal cycles may adjust the amount of insurance in line with fluctuating inventory values by using the peak season endorsement. The endorsement may be used with the Building and Personal Property Coverage Form (CP 00 10), Condominium Commercial Unit-Owners Coverage Form (CP 00 18), and the Standard Property Policy (CP 00 99). It provides for a specified increase in the limit of liability on personal property during a designated period of time. The form specifies that coverage both begins and ends at 12:01 A.M. standard time on the first and last day of the designated period.

 

Limitation On Loss Settlement – Blanket Insurance (Margin Clause), CP 12 32 06 07

 

This endorsement was introduced in 2007 for use with blanket policies. The form limits loss payment on an individual property on a blanket form to its stated value plus a percentage of that value, thus constraining the value of an individual property under blanket coverage.

 

Value Reporting Form, CP 13 10 04 02

 

Under this endorsement, additional covered property may be added to the Building and Personal Property Coverage Form (CP 00 10), Condominium Commercial Unit-Owners Coverage Form (CP 00 18), and the Standard Property Policy (CP 00 99). The additional property includes personal property at reported locations, acquired locations, and incidental locations. A limit of insurance must be shown in the declarations or on the schedule for reported, acquired, or incidental locations. Property at fairs or exhibitions is excluded.

 

A report of values must be filed following each reporting period. The reporting period may be daily, weekly, monthly, quarterly, or yearly.

 

Additional Locations – Special Coinsurance Provisions, CP 13 20 07 88

 

This endorsement may be used by insureds who make use of multiple location average rating but whose personal property values at each location do not fluctuate enough to warrant use of Value Reporting Form, CP 13 10. It may be attached to the Building and Personal Property Coverage Form (CP 00 10), Condominium Commercial Unit-Owners Coverage Form (CP 00 18), and the Standard Property Policy (CP 00 99).

 

As with the value reporting form, business personal property coverage is extended under the endorsement to include personal property at all reported, acquired, and incidental locations. Property that is at fairs or exhibitions is not covered.

 

The coinsurance percentage (at least 90 percent is required) is applied to an overall limit of insurance. The overall limit is the sum of the total values from each individual location (including any reported, acquired and incidental locations) and is shown in the declarations or on the Reported—Acquired—Incidental Locations Schedule (CP 19 13). The average rate and premium are derived from the overall limit. It is not considered a blanket limit; however; each location possesses its own individual limit. A sample loss settlement is included on the endorsement to clarify the use of the overall limit.

 

Agricultural Products Storage, CP 13 30 06 07

 

Insureds, such as grain elevator operators who wish to cover grain and other agricultural products, may attach this endorsement to the Building and Personal Property Coverage Form (CP 00 10) or the Standard Property Policy (CP 00 99). It is used with the value reporting provisions of CP 13 10. Guidelines for use of the endorsement fall under CLM rule 36.

 

Addition of this endorsement amends the property not covered provision of the property coverage forms pertaining to grain, hay, straw, or other crops outside of buildings. If such property is harvested and not in storage, it is covered under CP 13 30.

 

Agricultural products stored at fairs or exhibitions or in transit are not covered through this form; neither are storage or elevator charges or unpaid customs duties on agricultural products.

 

In case of loss to covered property in terminal grain elevator plants, payment is made jointly to any parties with established interests in the property (evidenced by ownership, having a pledge for property, or holding or having a pledge for warehouse receipts). For losses to property stored at other locations, it is stipulated that all liens, storage tickets, and warehouse receipts must be satisfied and released before payment occurs.

 

Valuation of damaged or destroyed agricultural products is based on the market value of the covered property, less any unincurred expenses such as commissions, loading and unloading charges and freight. Loss to other commodities (those commodities for which market value is inappropriate) is figured at actual cash value of the property as of the time and place of the loss.

 

Report Of Values, CP 13 60 10 00 , and Supplemental Report Of Values, CP 13 61 11 85

 

These endorsements are used for submitting reports of property values according to the provisions of CP 13 10, the Value Reporting Form.

 

Multiple Location/Premium And Dispersion Credit Application, CP 13 70 11 85

 

Insureds may use this endorsement for calculating a provisional premium for use with a reporting form (see CLM rule 36) or for determining a multiple location average rate.

 

Additional Covered Property, CP 14 10 06 95

 

Coverage may be purchased for certain excluded items of property. Coverage applies only to those items scheduled on the endorsement and only at the premises designated. The endorsement is used primarily to add coverage for certain building items, generally at the building rate unless special class rates apply. The cost of excavations, grading, backfilling, or filling; certain foundations; underground pipes, flues, or drains; pilings, piers, wharves, or docks; fences; freestanding retaining walls; or bridges, roadways, walks, patios, or other paved surfaces may be added to building coverage.

 

The endorsement may also be used to add coverage for business vehicles or self-propelled machines (including aircraft and watercraft) and animals that the property form excludes—but only while on or within 100 feet of the described premises. Coverage for this type of business personal property is for physical damage only and is not as broad as coverage under the comprehensive coverage of a commercial auto policy or an open perils inland marine policy.

 

Additional Building Property, CP 14 15 07 88

 

Business personal property items that are owned but not permanently installed may be designated as building items on this endorsement. See Building and Personal Property Coverage Form.

 

Additional Property Not Covered, CP 14 20 11 91

 

Items of building or business personal property may be excluded from coverage by scheduling them on this endorsement.

 

Outdoor Trees, Shrubs and Plants, CP 14 30 10 12

 

The coverage extension for outdoor property and the additional coverage for debris removal on the underlying policies do not apply to property covered by this endorsement. The endorsements adds scheduled outdoor trees, shrubs, and plants at locations described to covered property. The most the form pays for loss or damage, including debris removal expense, is the limit of insurance for all items, subject to the individual limits for each tree, shrub, or plant in the schedule. Losses caused by or resulting from dampness or dryness of atmosphere, changes in or extremes in temperature, rain, snow, ice, or sleet are not covered, as well as any other exclusions or provisions in the indicated causes of loss form. An exclusion for loss or damage caused by vehicles can also be added by designation in the schedule.

 

Outdoor Signs, CP 14 40 06 07

 

The 2007 revision broadened coverage limits under this endorsement, as well as changed its name from Outside Signs. Coverage for detached outdoor signs on the underlying coverage forms includes all causes of loss otherwise covered under the applicable causes of loss form. This endorsement is used solely to increase the limit for outdoor signs.

 

Radio Or Television Antennas, CP 14 50 10 00

 

With this endorsement, an insured may schedule limits beyond the $1,000 coverage extension of named peril coverage available for radio and television antennas (including satellite dishes) and their lead-in wiring, masts, or towers. The endorsement may be added to the Builders Risk Form (CP 00 20) as well as to the other forms listed in the introduction. The schedule indicates the premises, limit of insurance, applicable causes of loss form, coinsurance percentage, and additional premium. When the endorsement is attached, radio and television antennas and satellite dishes are treated as covered property under the policy—changing the limit from additional coverage to coverage within the limits.

 

Leased Property, CP 14 60 07 88

 

Personal property of others the insured leases may be separately scheduled and considered as part of the insured's business personal property by way of this endorsement. An agreed value may be designated for each item. However, unlike the optional agreed value coverage available in the property forms, coinsurance provisions still apply. This endorsement allows the insured to select a valuation other than actual cash value (such as replacement cost) on an item-by-item basis for leased property.

 

Building Glass – Tenant's Policy, CP 14 70 10 12

 

Introduced with the 2007 program changes, this endorsement enables coverage of building glass under a tenant's policy that does not otherwise cover the building. When the glass coverage form was withdrawn in 2000, it was difficult to insure this exposure via a declarations entry limiting building coverage to building glass, so this form was developed.

 

Time Element Endorsements, CP 15 01 — CP 15 50

 

The series of endorsements relating to the business income and extra expense coverage forms are discussed in the Business Income section of FC&S.

 

Condominium Commercial Unit Owners Changes – Standard Property Policy, CP 17 98 10 12 , and Condominium Association Coverage Endorsement, CP 17 99 10 12

 

Both of these endorsements are used with Standard Property Policy (CP 00 99) to adapt that policy to the special needs of condominium associations and unit owners.

 

Your Business Personal Property – Separation of Coverage, CP 19 10 06 95

 

See Building and Personal Property Coverage Form for a discussion of this endorsement that is used to schedule separate limits for the various categories of business personal property.

 

Reported – Acquired – Incidental Locations Schedule, CP 19 13 07 88

 

Both the Value Reporting Form (CP 13 10) and the Additional Locations Special Coinsurance Provision endorsement (CP 13 20) extend coverage to reported, acquired, or incidental locations if limits are designated on either the declarations or on this endorsement, CP 19 13. Limits may be assigned to business personal property, stock, or personal property of others. Additionally, the overall limit of insurance required by the additional locations special coinsurance provisions endorsement (CP 13 20) can be indicated on the CP 19 13 schedule.

 

Legal Liability Coverage Schedule, CP 19 40 11 85

 

The use of this endorsement in connection with the Legal Liability Coverage Form (CP 00 40) is described elsewhere. SeeLegal Liability Coverage Form.

 

Manufacturers Consequential Loss Assumption, CP 99 02 07 88

 

This endorsement may be used to modify coverage under the Building and Personal Property Coverage Form (CP 00 10), Condominium Commercial Unit-Owners Coverage Form (CP 00 18), and the Standard Property Policy (CP 00 99). It covers the reduction in value of physically undamaged stock in the process of being manufactured when other unfinished stock is physically damaged at the insured location by a covered cause of loss. For coinsurance purposes, the value of stock in process at the insured location includes the additional value that it represents in stock at other locations.

 

Distilled Spirits And Wines Market Value, CP 99 05 06 95

 

This endorsement may be used with the Building and Personal Property Coverage Form (CP 00 10), Condominium Commercial Unit-Owners Coverage Form (CP 00 18), and the Standard Property Policy (CP 00 99) to change the valuation of stock or personal property of others from actual cash value to market value. Insured locations to which the endorsement applies are scheduled on the endorsement.

 

Distilled spirits are divided into three categories: irreplaceable bulk, older bulk, and younger bulk, which are defined in the form. Valuation for distilled spirits is essentially market price at the time and place of loss less any discounts and expenses the insured otherwise would have had.

 

Wines are divided into two categories defined on the form: bottled winery products and bulk wine. Bottled winery products are valued at the price they would have been sold as case goods; bulk wine is valued at the lesser of the price it could have been sold for or the market price of replaceable bulk wine of like kind and quality. Values exclude federal taxes and discounts and expenses the insured otherwise would have had, but include state, county, and local taxes.

 

Certain insureds covered by the special causes of loss form (CP 10 30) may want to add endorsement CP 99 10 when this endorsement is used. For insureds with other types of stock subject to market value, another endorsement (CP 99 31) is available.

 

Alcoholic Beverage Tax Exclusion, CP 99 10 07 88

 

Endorsement CP 99 10 may be used with the Building and Personal Property Coverage Form (CP 00 10), the Condominium Commercial Unit-Owners Coverage Form (CP 00 18), and the Standard Property Policy (CP 00 99). The endorsement is used for two purposes. First, since public law 94-423 allows the refund of taxes and custom duties paid on alcoholic beverages if they are damaged by causes of loss other than theft, it excludes the value of taxes and duties (including any refundable state and local taxes) on distilled spirits, wines, rectified products, and beer, and thus reduces premiums. When theft is a covered peril (as it is only under special causes of loss form CP 10 30), endorsement CP 99 10 includes the value of taxes and custom duties in the loss valuation. The insured cannot receive government reimbursement for such costs in the case of theft and therefore needs insurance protection. A special theft limit may be scheduled at each covered location under business personal property, stock only, or personal property of others.

 

The Distilled Spirits and Wines Market Value Endorsement (CP 99 05) also excludes the value of taxes and duties, so endorsement CP 99 10 does not need to be added for that purpose when endorsement CP 99 05 applies. However, if the insured has theft coverage under the special causes of loss form, endorsement CP 99 10 may be used in conjunction with CP 99 05. The addition of both endorsements allows for valuation at market value with different limits for theft versus causes of loss other than theft.

 

Contributing Insurance, CP 99 20 06 07

 

This endorsement is used to clarify the coverage amount that the insurer is liable for when coverage is provided by more than one company. The endorsement indicates the company's percentage of any loss, subject to the limit shown in the declarations. The endorsement also shows the property and coverages to which it applies and the total limits for all contributing insurance.

 

Manufacturer's Selling Price (Finished "Stock" Only), CP 99 30 06 95

 

This endorsement may be used with the Building and Personal Property Coverage Form (CP 00 10), the Condominium Commercial Unit-owners Coverage Form (CP 00 18), and the Standard Property Policy (CP 00 99). It provides for valuation based on selling price, less any applicable discounts and expenses, for all completed stock (not just finished stock that is sold but not delivered, as in the CP 00 10 form).

 

Market Value Stock, CP 99 31 07 88

 

This endorsement provides that stock (other than wines and distilled spirits; see CP 99 05) that is bought and sold at an established market exchange where the market prices are posted and quoted, may be valued based on its market price at the time and place of damage less any applicable discounts and expenses. It is used with the Building and Personal Property Coverage Form (CP 00 10), the Condominium Commercial Unit-Owners Coverage Form (CP 00 18), and the Standard Property Policy (CP 00 99).

 

Storage Or Repairs Limited Liability, CP 99 42 07 88

 

This endorsement amends the valuation provision as respects nonowned personal property the insured holds in storage or for repair. It stipulates that in case of loss or damage, such property will be valued according to its actual cash value or, if less, its value as recorded on any receipt the insured issued to the owner of the property before the loss occurred. It may be attached to the Building and Personal Property Coverage Form (CP 00 10), the Condominium Commercial Unit-Owners Coverage Form (CP 00 18), and the Standard Property Policy (CP 00 99).

 

Household Personal Property Coverage, CP 99 92 06 07

 

This endorsement extends the definition of covered property to include household personal property belonging to the insured, to the insured's domestic worker, to a member of the insured's family, or for which the insured is legally liable. This includes property purchased through installment plans. Further, as an additional coverage, 10 percent of the applicable limit is available while the property is away from the described premises. It may be attached to the Building and Personal Property Coverage Form (CP 00 10) and the Condominium Commercial Unit-Owners Coverage Form (CP 00 18).

 

Tentative Rate, CP 99 93 01 95

 

Used when property is not eligible for class rates, this endorsement states that the premium rates for the commercial property coverage part are tentative and that the insurer will adjust the premium once the rates are determined. If the policy is a renewal, the previous specific rate may need to be changed due to materially changed conditions. The endorsement provides that premium adjustment is effective from the renewal date once the rates are promulgated.

 

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