ISO (“Insurance Services Office – development of standardized insurance policy language” Wikipedia) has a new commercial property filing. The 2012 filing changes both policy forms and endorsements. The forms have an edition date of October 2012. Since the changes include both broadening and reduction of coverage, every commercial building owner and landlord should be aware of the changes to his insurance coverage.
In the Commercial Property program, there are 16 major policy form changes, and 27 endorsement changes (including new and revised endorsements). The Insurance Services Office (ISO) filed the Commercial Property revisions for a target adoption date countrywide of April 1, 2013. Many states have already approved the filing. Regardless of the adoption date for each state, the forms will have an edition date of “10 12.” [Example: CP 00 10 10 12]
We will only list a few of the main changes that we feel are important for building owners and landlords. Feel free to download a complete list of all the changes at the end of this article. Read more