We are adjusting an insurance claim where an ISO policy uses BP0003 dated 7/2013 endorsed by CBP 8000 dated 01/2015. The limit for Business Personal Property is $50,000 and the limit for Money and Securities Inside the Premises is $10,000 Additional Limit of Insurance.
The insured had $3,500 in cash, $750 in phone cards, $12,300 in lottery books as well as an additional $2,310.84 in assorted Business Personal Property stolen from the premises.
We are of the opinion that the lottery books and phone cards are business personal property as they were purchased by the insured and do not represent money and therefore are subject to the stated business personal property limit, not the money and securities limit. What is your opinion on this?
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