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Be Aware of Recent Revisions to ISO Commercial Property Coverage Forms

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New Optional Commercial Property Endorsements

Limitations on Coverage for Roof Surfacing (CP 10 36) — This endorsement, which has generated considerable controversy, provides two options. The first provides coverage for roof damage on an actual cash value (ACV) basis; that is, with deduction for depreciation, whereas most standard property policies provide such coverage on a replacement cost basis. It is expected that the ACV option will be targeted for risks that have older roofs that are approaching the time when they will need to be replaced. The second option is to exclude cosmetic damage caused by wind or hail. Cosmetic damage refers to denting, pitting or marring that affects the appearance of the roof surface but does not prevent the roof from functioning as a barrier to water intrusion.


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