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InfoCentral: Commercial Property (ISO) Policy Guides

This section explains the major components of the 2012 edition (10 12) of the Insurance Services Office commercial property program, including the declarations, conditions, coverage forms and causes of loss forms.

The Forms and Endorsements section lists all endorsements (whether approved in Texas or not) with a brief explanation of the purpose of each.

Texas law requires each insurer to file the commercial property forms it intends to use at least 60 days prior to the proposed effective date. (Exception: Policy forms used for "large risks" are exempt from the filing and approval requirements, but must meet all other statutory requirements. A large risk is defined by law as an insured that has (1) total property values of $5 million or more; (2) annual gross revenues of $10 million or more; or (3) total premium of $25,000 or more for monoline property or liability, or $50,000 or more for multiperil insurance.)

The insurer may begin using its filed forms upon the Texas Department of Insurance's approval or after 60 days if TDI has not disapproved the filing or requested an extension for another 60 days.

Most companies have filed and are using the standard ISO commercial property forms. However, companies may file for approval of their own policy forms (subject to any amendments required by Texas laws and regulations). Even if a company uses its own form, the form most likely mirrors the countrywide commercial property insurance program supported by ISO.

This policy guide features the 2012 edition (10 12) of the ISO Commercial Property Policy form. Prior to the 2012 edition, the 1990, 1991, 2000, 2002 and 2007 editions were approved in Texas. ISO introduced another edition countrywide in 1995 (06/95 edition) which was never approved in Texas.

ISO files its forms with the Texas Department of Insurance for prior approval. Individual companies are then responsible for filing with TDI to establish which form that company will be using. In addition, companies can use any policy form on a large risk without TDI approval. Consequently, different companies are using different editions of the ISO Commercial Property Policy.