Our Commercial Output Policy (COP 3.0) is designed to protect against the risks faced by large organizations operating in a wide range of industries and institutions including manufacturing, municipalities, industrial, processing and distributing operations. Our policy includes extensive Property and Inland Marine coverages and can be customized to meet the needs of your business
Although inland marine coverages are included in the COP, they ordinarily are added to a standard commercial package policy via a separate coverage form. When they are included in standard commercial property forms, the limits and coverage are usually considerably less than that provided in the COP.
The COP Property Coverage Part does not contain a coinsurance clause. If coverage is written on a scheduled basis by attaching CO 1227, there is an option to activate the coinsurance clause within that endorsement by indicating the coinsurance percentage on the schedule of coverages.
Valuation — The value of covered property is based on replacement cost without any deduction for depreciation, unless Actual Cash Value is indicated on the schedule of coverages.
Certain categories of property, however, have their own special method of valuation under the COP policy. They include: Fine Arts, Glass, Computer Hardware and Software, Merchandise Sold, Manufactured stock, Pair or Set, Loss to parts, Tenant’s Improvements, Valuable Papers and Accounts Receivable. See the policy form for these specific valuation details.
Scheduled Locations — Although the COP is written on a blanket basis, coverage can be amended to apply on a scheduled location basis with the attachment of location endorsements
Reporting Conditions — Reporting conditions can be added to the COP by using the Reporting Conditions endorsement and the schedule.
Deductible Options — When the Multiple Deductible Endorsements are added to the policy, deductibles can vary by perils or the types of property and locations covered.