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Question: The insured has a commerical policy — CP 00 01 (07/02)— with no deductible. This policyholder owns a fewbuildings and one of the buildings is used to store some of hisbusiness personal property (BPP) valued at $200,000. He has theproperty insured for $200,000. So it is insuredadequately.

Later, he buys addition BPP (newly acquired property) worth$110,000. He places this additional BPP in the same storagebuilding. Ten days go by after the purchase and he still has notcalled his carrier to add this newly acquired property.

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