Other Coverages: Businessowners, Umbrella, Inland Marine, and Crime
Businessowners policy (BOP)
A package for small eligible businesses such as apartments within unit limits, offices, retail, service, and processing risks. Property and liability are combined, business income is built in, no coinsurance applies, and the special form may be selected. Boiler and machinery can be added. Ineligible classes (auto dealers, bars, and other higher-hazard operations) need a commercial package instead.
Umbrella and excess
An umbrella sits over underlying policies and, uniquely, can drop down to cover a loss excluded by the underlying forms after the insured pays a self-insured retention. A true excess policy pays only after underlying limits are exhausted and follows the underlying terms. Personal umbrellas sit over homeowners and auto; commercial umbrellas sit over CGL, auto, and employer's liability.
Inland marine
Covers property in transit, property of others in your care (bailee), and floaters: motor truck cargo, contractors' equipment, jewelry and personal articles, accounts receivable, electronic data processing, and difference-in-conditions, which fills gaps such as flood and earthquake. Inland marine is not tied to a fixed location.
Crime
Commercial crime covers employee dishonesty (money, securities, or other property taken by an employee and discovered during the policy period), forgery or alteration, theft of money and securities inside the premises, robbery and safe burglary, computer fraud, and funds transfer fraud. Employee dishonesty is a discovery form. Fidelity bonds cover employee dishonesty and are insurance; surety bonds guarantee performance and involve three parties.
Traps
An umbrella is not a substitute for required underlying coverage. A certificate is not coverage. Crime theft inside the premises excludes employee theft unless employee dishonesty is purchased, and employee dishonesty is discovery-based, not claims-made.
Rule of thumb
Match the gap to the form: transit loss is inland marine, employee theft is crime, and liability above the underlying limits is umbrella.