AAIS Files Commercial Program Updates
NU Online News Service, Oct. 21, 3:12 p.m. EST? The American Association of Insurance Services said it has filed revisions with the nation's regulators for its revised "Commercial Output Program," or COP, 3.0 version.
The Wheaton, Ill.-based AAIS said the COP property program, first introduced in 1993, provides broad coverage for buildings, business personal property, and inland marine exposures in a single policy form, priced with a unique flexible rating system.
According to the company, COP 3.0 updates and clarifies policy language, and adds or expands several coverages.
As an example, AAIS said, an expanded crime coverage part provides options for insuring losses arising from employee fraud and dishonesty, securities fraud, computer/telecommunications fraud, counterfeit money, forged checks, and forged credit card instruments. Coverage is provided on either a discovery- or loss-sustained basis.
There is also enhanced coverage for computers, with computer coverage under the COP now as broad as the coverage provided under a monoline EDP policy, AAIS said.
A new provision in COP 3.0, AAIS said, addresses losses from computer viruses and hacking. The building and property form now includes definitions for "computer virus" and "hacking," incorporating a general exclusion for damage resulting from them, then adds in limited coverage under a separate sublimit.
Endorsement options included in COP 3.0 provides for several new coverages:
? Installment sales–covering losses to the insured's damaged property held by another but not yet fully paid for.
? Interruption of Web site–covering losses that result when a server away from an insured location is damaged by a covered peril.
? Overseas Transit and Location–covering product samples, personal effects, and other marketing-related property while outside the coverage territory.
? Research & Development Projects–covering property and investment lost when a research and development project is damaged or destroyed by a covered peril.
The firm said information about affiliating with AAIS for use of the new COP 3.0 is available by contacting Joyce Tignino, vice president of marketing and industry relations, at joycet@AAISonline.com, or by calling 800/564-AAIS.
AAIS is a national insurance advisory organization and statistical agent. It serves as a product development resource to more than 600 property-casualty companies that use its policy forms, manual rules, and loss-cost rating information.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.