BOP Frequently Asked Questions

When will the BOP product be available?

Early 2022 in all states except VT.

Will agents be able to quote BOP policies from their agency?

Yes, we will be launching an agency portal that will provide agents with quoting and issuance capability.

Is the BOP auditable?

Yes, upon renewal we will ask for sales verification for those businesses rated on sales.

Will businesses that do not serve or sell alcohol qualify for the BOP?

Yes.

Is the liquor coverage an endorsement to the BOP?

No, it will be a stand-alone liquor policy which agents will be able to quote and issue.

Is the BOP with an associated liquor policy going to be one bill or two bills?

 We will be able to link all business into one account bill.

Will EFT billing be offered?

Yes, Same billing program as currently offered.

Will BOP policies automatically renew each year?

Policies will not automatically renew; however, we will be working towards automatic renewals.

Will we need to submit liquor sales verification up front for liquor policies written with a BOP?

If sales are $1 million or more, we will need sales verification on new business. If less than $1 Million, sales verification will not be required to write new business, but will be required upon renewal.

What is the commission on the BOP?

 20% new and renewal.

What classes of business will you be writing on the BOP?

Generally, restaurants (with or without alcohol), package/convenience stores (no gas), commercial condominiums, LROs and main street retail classes.

Will you offer $2mm/$4mm limits?

Yes, but it will need to be referred to an underwriter for review.

Will you offer Hired/Non-Owned coverage?

Yes, if there is no delivery or valet exposure.

What % liquor sales qualify for the BOP?

The BOP will allow up to 50% liquor sales for qualified risks. Those open after midnight or with entertainment will not qualify.

Questions?

For more information on BOP, please contact Stephanie Connon at 508-366-1140 or SConnon@hmic.com.

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