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AAIS Files Businessowners Revisions

AAIS Press Release: September 16, 2015

Lisle, Ill., Sept. 16, 2015—Property/casualty insurers throughout the U.S. can now have access to a newly
updated program for insuring small business accounts.

The American Association of Insurance Services (AAIS) recently filed updated eligibility criteria, endorsements, loss costs, and rating procedures for its Businessowners Program (BOP). To date, the filing has been submitted in 46 states and approved in 26, with more approvals pending. 

AAIS is a national advisory organization that provides policy forms, manual rules, rating information, and automation support for more than 25 programs of personal, commercial, agricultural, and inland marine insurance used by more than 700 carriers throughout the U.S.

The latest AAIS Businessowners filing includes, among other things:

  • A comprehensive update of rate levels, along with streamlined procedures for rating property and liability coverages separately, in conformance with prevailing industry practice;
  • Expanded eligibility for hospitality establishments plus refined classes of office risks;
  • Options for addressing wind and hail losses, including a “cosmetic damage” exclusion for roofing materials, actual cash valuation (ACV) option for roofing materials, and an optional exclusion for wind and hail losses;
  • Exclusions for liability coverage for bodily injury, property damage, and/or personal and advertising injury arising from data breaches;
  • Refined and expanded professional liability coverage endorsements for pharmacists, hair stylists, and other professions; and
  • A new formulation of debris removal coverage to address, among other things, debris from a neighboring location .

These and other features of the AAIS Businessowners filing are covered in greater detail in an article in the latest edition of AAIS’s Viewpoint magazine.

“Small businesses are an important commercial segment, and growing with our country’s economic rebound,” says Leslie Rippley, AAIS vice president of commercial lines. “These changes provide carriers with a product base to grow their small business books effectively and profitably.

Besides adding value for our current BOP affiliates, these changes make our program a compelling alternative to other carriers seeking BOP forms, rules, loss costs, and stat reporting service,” Rippley says.

For information on affiliating with AAIS for use of its Businessowners Program, contact Rick Maka, AAIS director of marketing and strategic alliances, by email or by calling 630-457-3222.

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