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Frequently Asked Questions

What is a BOP Policy?

"BOP" is an acronym for "Business Owners Policy". This is a policy for a small business that combines Property coverage with Commercial General Liability coverage, and sometimes also includes Umbrella Liability and other coverages.


What is an Umbrella Liability policy?

An Umbrella Liability policy provides higher limits of liability protection over your underlying Auto Liability, Commercial General Liability and Employers Liability policies. We highly recommend that every member purchase an Umbrella Liability policy. In today's litigious environment, even $1,000,000 of liability coverage may not be enough to protect the assets of your business.


Do I need to buy Workers' Compensation coverage?

Workers' Compensation coverage is regulated at the state level, and each state has different rules that govern when a business is required to purchase coverage. In general, in most states, any business that has one or more employees needs to purchase a Workers' Compensation policy. Give us a call and we will be happy to explain the rules in your state.


Can I pay my premium in installments?

Yes. Most of our carriers offer interest-free or low cost premium payment plans. For additional options, Frenkel can also arrange for an installment plan with a premium finance company at low market rates.


What is difference between Actual Cash Value (ACV) and Replacement Cost?

Property policies typically have one of two valuation clauses that determine how much the carrier will pay if you suffer a loss to your property, tools or equipment. An Actual Cash Value (ACV) valuation clause will pay an amount equal to the replacement cost less physical depreciation. A Replacement Cost valuation clause will pay the cost to repair or replace your property, new for old, without any deduction for physical depreciation.


A customer claims I damaged her home. What should I do?

Your liability policy requires that you notify the carrier as soon as possible when you become aware of an incident that could give rise to a claim. You should contact Frenkel or contact your insurer immediately to protect your rights under the policy. The carrier will then be able to investigate the claim and provide you with a defense in the event the customer brings a lawsuit against you. You must never admit liability or do anything that could jeopardize the carrier's ability to defend the claim. Take steps to document the incident as best you can. It's usually best not to argue with the customer - let the claim professionals work for you to resolve the situation.


Copyright © 2009 Frenkel & Co., Inc.

Frenkel & Co., Inc.
350 Hudson Street, 4th Floor
New York, NY 10014
Phone: 212-488-0200  Fax: 212-488-0432