RULE 35.3D7 - INCREASED LIMITS ON BUSINESS PROPERTY (CO 04 12)
Applies
to: Premier - YES, Premier Plus - YES, Premier Select - YES,
Premier Condo - YES, Premier Renters - YES
The limit of coverage for business property on the residence premises is limited in the policy to $2,500. This limit may be increased to $10,000 in increments of $2,500. The limit of liability in excess of $2,500 provided by CO 04 12 does not apply to:
1) Business property in storage or held as a sample, is for sale or delivery after sale, or
2) Business property pertaining to a business actually conducted on the residence premises (Use CO 04 42 Permitted Incidental Occupancies - Rule 35.6B - to cover this situation).
When the on premises limit is increased, the off premises limit is automatically increased at no additional premium to an amount that is 10% of the total on premises limit of liability. The additional premium is $25 for each additional $2,500 of coverage.
Endorsement CO 04 12 Increased Limits on Business Property will be attached to the policy.
