PROPERTY AND GENERAL LIABILITY
PROPERTY & GENERAL LIABILITY:
BUSINESS OWNERS POLICY OR PACKAGE
A Business Owners Package (BOP) insurance policy is a common coverage for engineering firms of all sizes. The BOP includes Property insurance, protecting against damage to physical premises and equipment, and Commercial General Liability insurance, which insures against losses caused by liability to third parties for bodily injury or property damage arising out of non-professional services. Some firms may combine these coverages into a different combination of Property and Commercial General Liability policies called a Package.
The ACEC BIT Program has a special BOP offering available only to ACEC BIT firms through The Hartford. The Hartford Package provides cost effective, industry-leading coverage for engineering firms available only to ACEC firms through the BIT. Features of the Hartford Package include enhanced coverages that engineering firms needs to protect against common risks in the industry and comply with typical client requests, such as:
- Billable Hours calculations for Business Interruption claims
- No special exclusions for residential construction, condominiums, third-party action over claims, explosion, collapse, or underground construction
- Improved language for covering joint ventures
- Standard pre-loss waiver of subrogation
- Increased Property coverage for Valuable Papers, Accounts Receivable, Computers and Media, Fine Arts (including models), and Newly Acquired Buildings and Property (up to 180 days)
- Consulting Engineers Property Blanket Coverage with replacement cost value
- Unique and exclusive ACEC Super Stretch Property Forms
An added benefit of the ACEC BIT Program is the exclusive ACEC BIT Deductible Assistance Program provided by the Trustees of the ACEC BIT. The Deductible Assistance Program offers qualifying firms the opportunity to defray all or a portion of the firm's deductible responsibility for property and automobile damage claims. After your claim is processed by The Hartford, you can request reimbursement of up to $1,000 per claim and $10,000 aggregate for your deductible by completing the form here.