New IM Small Business Forms offered

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NU Online News Service, Jan. 4, 11:00 a.m.EST?Property-casualty insurers that write commercialinland marine coverage now have access to a new standardized formthat provides streamlined computer coverage for smallbusiness.[@@]

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The American Association of Insurance Services recently releaseda new "Business Computer Coverage" form for commercial risk withtotal hardware and software values up to $100,000. The form isprovided as part of the electronic data processing section of theAAIS Inland Marine Guide, which provides policy forms, ratingprocedures, underwriting guidelines and other information.

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Although the guide is devoted to traditionally nonfiled classesof inland marine insurance, the Business Computer Coverage form,like other forms provided in the guide, is being filed in more than20 jurisdictions that do not exempt inland marine forms from filingrequirements, according to AAIS.

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Requested by insurers currently using the guide, the BusinessComputer Coverage form provides physical damage and extra expensecoverage for computer hardware and software at scheduledlocations.

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"Standard computer coverage has become more complex in recentyears with the development of separate limits for different typesof software and hardware," said Robert Guevara, AAIS vicepresident, inland marine. "This new form reintroduces a relativelysimple set of limits for small risks but incorporates the latestdefinitions, valuation provisions and other features."

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Coverage extensions are provided in the form for mechanicalbreakdown, electrical and power supply disturbance, emergencyremoval and debris removal; supplemental coverages are provided fornew hardware and acquired locations, pollutant cleanup and removal,and property in transit and off-site, AAIS said.

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