ISO's business personal property coverage lists a number of items that are covered by the contract. All of these items should be included in the values reported to the insurer. A correct report will be the sum of the business personal property owned by the insured plus the value of stock the business has. Typically, once per year, a business will determine the total value of its business contents items for everything other than stock. Actually, this would probably be a value used when determining the firm's balance sheet values.
Builders risk reporting forms can be used to provide insurance on builders risk exposures.
As with the regular property form, a builders risk reporting form is used by those accounts that have fluctuating exposures. If the policy limits are adequate and accurate, and on-time reports are filed, the builders risk reporting form will pay an entire loss without any penalties. The advantage to this form is that it produces the lowest rates, not overinsuring nor underinsuring the values at risk. Late reports Reports of values are due within 30 days every month. If the reports are late, the maximum that an insured can collect is the value last reported.