Building And Personal Property Coverage Form CP 00 10 10 12 (ISO)
Published by Insurance Services Office, Inc. (form text); posted in the Property Insurance Coverage Law Blog forms library (Merlin Law Group). Jurisdiction US.
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CP 00 10 10 12 is the Building And Personal Property Coverage Form, and it insures Building, Your Business Personal Property and Personal Property Of Others as separately scheduled coverages in the Declarations.
claim iso-cp-00-10-10-12#c1The form states that Covered Property means the types of property described in section A.1 and limited in section A.2 Property Not Covered, if a Limit Of Insurance is shown in the Declarations for that type of property.
claim iso-cp-00-10-10-12#c2The form describes Your Business Personal Property as property located in or on the described building or structure or in the open, or in a vehicle, within 100 feet of the building or structure or within 100 feet of the described premises, whichever distance is greater, and describes Personal Property Of Others as property in the insured's care, custody or control and located in or on the described building or structure or in the open, or in a vehicle, within 100 feet of the described premises.
claim iso-cp-00-10-10-12#c3The form carries Additional Coverages at A.4 and Coverage Extensions at A.5 in addition to the scheduled limits of insurance.
claim iso-cp-00-10-10-12#c4Section A.5 states that the Coverage Extensions apply to property located in or on the building described in the Declarations or in the open, or in a vehicle, within 100 feet of the described premises, and that the insured may extend the insurance provided by the Coverage Part as the Extensions describe if a coinsurance percentage of 80 percent or more, or a Value Reporting period symbol, is shown in the Declarations.
claim iso-cp-00-10-10-12#c5Section D Deductible provides that in any one occurrence of loss or damage the insurer will first reduce the amount of loss if required by the Coinsurance Condition or the Agreed Value Optional Coverage, will not pay if the adjusted amount of loss is less than or equal to the deductible, and will otherwise subtract the deductible from the adjusted amount of loss and pay the resulting amount or the Limit of Insurance, whichever is less.
claim iso-cp-00-10-10-12#c6Section D Deductible also states that when the occurrence involves loss to more than one item of Covered Property and separate Limits of Insurance apply, the losses will not be combined in determining application of the deductible, but the deductible will be applied only once per occurrence.
claim iso-cp-00-10-10-12#c7The Valuation loss condition in section E.7 states that the insurer will determine the value of Covered Property at actual cash value as of the time of loss or damage, except as provided in subparagraphs b., c., d. and e. of that condition.
claim iso-cp-00-10-10-12#c8Subparagraph E.7.b pays the cost of building repairs or replacement where the Limit of Insurance for Building satisfies the Coinsurance additional condition and the cost to repair or replace the damaged building property is $2,500 or less. That subparagraph states that the cost of building repairs or replacement does not include the increased cost attributable to enforcement of or compliance with any ordinance or law regulating the construction, use or repair of any property, and that awnings or floor coverings, appliances for refrigerating, ventilating, cooking, dishwashing or laundering, and outdoor equipment or furniture will be valued at actual cash value even when attached to the building.
claim iso-cp-00-10-10-12#c9Subparagraph E.7.c values Stock the insured has sold but not delivered at the selling price less discounts and expenses the insured otherwise would have had; E.7.d values glass at the cost of replacement with safety-glazing material if required by law; and E.7.e values tenants' improvements and betterments in three branches: at actual cash value if the insured makes repairs promptly; at a proportion of original cost, computed from the days from the loss to the expiration of the lease over the days from installation to that expiration, if it does not; and at nothing if others pay for repairs or replacement.
claim iso-cp-00-10-10-12#c10Coinsurance appears in section F.1 as an Additional Condition that applies only if a coinsurance percentage is shown in the Declarations.
claim iso-cp-00-10-10-12#c11The Coinsurance condition states that if one Limit of Insurance applies to two or more separate items, the condition applies to the total of all property to which the limit applies.
claim iso-cp-00-10-10-12#c12The Coinsurance condition states that the insurer will not pay the full amount of any loss if the value of Covered Property at the time of loss times the coinsurance percentage shown in the Declarations is greater than the Limit of Insurance for the property.
claim iso-cp-00-10-10-12#c13The Coinsurance condition sets out a calculation that multiplies the value of Covered Property at the time of loss by the coinsurance percentage, divides the Limit of Insurance by that figure, multiplies the total amount of loss before the application of any deductible by the resulting figure, and then subtracts the deductible, and states that the insurer will pay the amount so determined or the Limit of Insurance, whichever is less, and that for the remainder the insured will either have to rely on other insurance or absorb the loss itself.
claim iso-cp-00-10-10-12#c14Section F Additional Conditions also includes a Mortgageholders condition at F.2, which pays covered loss of or damage to buildings or structures to each mortgageholder shown in the Declarations in their order of precedence, as interests may appear.
claim iso-cp-00-10-10-12#c15Section G Optional Coverages apply only if shown as applicable in the Declarations and are Agreed Value, Inflation Guard, Replacement Cost, and Extension Of Replacement Cost To Personal Property Of Others.
claim iso-cp-00-10-10-12#c16The Agreed Value Optional Coverage states that the Additional Condition, Coinsurance, does not apply to Covered Property to which that Optional Coverage applies, that the insurer will pay no more for loss of or damage to that property than the proportion that the Limit of Insurance under the Coverage Part for the property bears to the Agreed Value shown for it in the Declarations, and that if the Agreed Value expiration date shown in the Declarations is not extended, the Coinsurance condition is reinstated and the Optional Coverage expires.
claim iso-cp-00-10-10-12#c17The Agreed Value Optional Coverage states that its terms apply only to loss or damage occurring on or after its effective date and before the earlier of the Agreed Value expiration date shown in the Declarations or the policy expiration date.
claim iso-cp-00-10-10-12#c18The Inflation Guard Optional Coverage automatically increases the Limit of Insurance for property to which it applies by the annual percentage shown in the Declarations, and computes the amount of increase as the Limit of Insurance that applied on the most recent of the policy inception date, policy anniversary date or other policy change amending the limit, times the annual percentage shown in the Declarations, times the number of days since that date divided by 365.
claim iso-cp-00-10-10-12#c19The Replacement Cost Optional Coverage states that Replacement Cost, without deduction for depreciation, replaces Actual Cash Value in the Valuation loss condition of the Coverage Form.
claim iso-cp-00-10-10-12#c20The Replacement Cost Optional Coverage states that it does not apply to four things: personal property of others; contents of a residence; works of art, antiques or rare articles including etchings, pictures, statuary, marbles, bronzes, porcelains and bric-a-brac; and Stock, unless the Including Stock option is shown in the Declarations.
claim iso-cp-00-10-10-12#c21The Replacement Cost Optional Coverage states that the insurer will not pay on a replacement cost basis until the lost or damaged property is actually repaired or replaced, and unless the repair or replacement is made as soon as reasonably possible after the loss or damage.
claim iso-cp-00-10-10-12#c22The Replacement Cost Optional Coverage allows the insured to make a claim on an actual cash value basis and still claim the additional amount that Optional Coverage provides if it notifies the insurer of its intent to do so within 180 days after the loss or damage.
claim iso-cp-00-10-10-12#c23The Replacement Cost Optional Coverage adds two branches for tenants' improvements and betterments: if the repair-or-replacement conditions are not met, their value is determined as a proportion of original cost as set out in the Valuation loss condition, and the insurer will not pay for loss or damage to them if others pay for repairs or replacement. The same Optional Coverage states that tenants' improvements and betterments are not considered to be the personal property of others under its terms.
claim iso-cp-00-10-10-12#c24The Extension Of Replacement Cost To Personal Property Of Others Optional Coverage at G.4 may be shown as applicable only if the Replacement Cost Optional Coverage is itself shown as applicable, deletes Paragraph 3.b.(1) of the Replacement Cost Optional Coverage so that the personal-property-of-others carve-out no longer applies, and provides that where an item of personal property of others is subject to a written contract governing the insured's liability for loss or damage to it, valuation of that item is based on the amount for which the insured is liable under that contract, but not to exceed the lesser of the replacement cost of the property or the applicable Limit of Insurance.
claim iso-cp-00-10-10-12#c25Section A.5 opens with the words Except as otherwise provided before describing where the Coverage Extensions apply.
claim iso-cp-00-10-10-12#c26
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Published: 2012-10