Key features of the COP include:
- Open perils building and personal property coverage;
- Coverage for buildings under construction;
- A choice between blanket or scheduled coverage, or a combination of the two;
- Business income, equipment breakdown, and spoilage options;
- Coverage for mobile equipment throughout the coverage territory;
- Built-in coverage extensions and supplemental coverages for rewards, brands/labels, consequential loss, and inventory/appraisals;
- Built-in inland marine coverages for accounts receivable, property in transit, property on exhibit, sales rep samples, fine arts, and valuable papers;
- Built-in inland marine computer coverages for virus and hacking and for software storage;
- “Discovery” and “loss sustained” crime coverage options; and
- "Green" coverage options.
For decades, AAIS has led the industry in developing output coverage
and updating its two defining characteristics:
- The inclusion of broad commercial property and inland marine coverage in a single form or a few coverage parts, and
- The use of a flexible rating procedure to rate each risk as a single entity, rather than as the sum of disparate exposures.
The Commercial Output Program (COP) is a highly regarded property program developed for commercial, institutional, and industrial risks. Today, it is used by more than 100 insurers, including some of the largest carriers in the U.S.
- The COP streamlines the process of writing and rating comprehensive property coverage.
- The COP is ideally suited for large, multi-site risks with transit exposures.
- The COP’s flexible rating procedure, filed and approved in all states, provides a systematic way to rate each risk as a whole.
For each major coverage part (property, crime, equipment breakdown, and income) the COP manual provides a deficiency point rating methodology underwriters can use to modify loss loads to reflect relevant risk characteristics (construction, fire protection, type of equipment, internal controls, etc.).
AAIS also has developed a PC-based rating system that helps standardize rating and documentation. This low-cost system, which can be used on a LAN or as a stand-alone system, facilitates training and implementation of the program.
For the right risks, the COP provides virtually an entire property program.
Insurance companies seeking more information on AAIS products and
services can contact Rick Maka, director of marketing and strategic
alliances, at our contact form , or by calling 800-564-AAIS, ext. 222.