1. Forms
2. DS
3. DS-01-01

What the Form Is

The form identifier "DS 01 01" typically represents a Declarations page for various types of insurance policies. As a standalone code, it's generic; the specific policy type is usually indicated by a prefix (e.g., "BP" for Businessowners, "CY" for Cyber, "CG" for Commercial General Liability) and an edition date. This information focuses on the BP DS 01 01 10 - Businessowners Policy Declarations as a common example from the Insurance Services Office (ISO).

The Businessowners Policy Declarations (BP DS 01 01) is a crucial component of the Businessowners Policy (BOP). It's not a coverage form itself but rather the policy's summary page. It personalizes the standardized BOP coverage form (like BP 00 03) by detailing the specific information unique to the insured's policy. This includes:

• Named Insured and Mailing Address
• Policy Period (Effective and Expiration Dates)
• Description of the Business
• Location of Premises
• Coverage Parts Purchased and their respective Limits of Insurance (e.g., Property, Liability, optional coverages)
• Applicable Deductibles
• Premium Amounts for each coverage and the total policy premium
• A list of all forms and endorsements attached to and forming part of the policy

Essentially, the BP DS 01 01 provides a snapshot of who is insured, what property and exposures are covered, when the coverage is in effect, where the coverage applies, and the monetary limits of that coverage.

Classes of Business It Applies To

The BP DS 01 01, as part of a Businessowners Policy, applies to a wide range of small to medium-sized businesses that have relatively uniform and predictable exposures. ISO has specific eligibility rules, but common examples include:

• Retail Stores: Florists, bookstores, apparel stores, gift shops. For example, a local bookstore would have its building (if owned), business personal property (books, shelves, computers), and liability limits clearly stated on the BP DS 01 01.
• Office-Based Businesses: Accountants, architects, law firms, insurance agencies, medical offices. A small accounting firm would see its professional liability (if endorsed) and business personal property limits on this form.
• Service Businesses: Barber shops, beauty salons, photographers, print shops, small repair services (e.g., shoe repair). A beauty salon's declarations would show coverage for its equipment and liability for customer slips and falls.
• Small Restaurants: Typically those with limited seating and modest alcohol sales that meet BOP eligibility.
• Apartment Buildings and Residential Condominium Associations: Coverage for the building, common areas, and liability.
• Wholesale Businesses: Those with limited floor space and gross sales.
• Certain Artisan Contractors: Such as plumbers, electricians, and painters with limited off-premises and height exposures, though many contractors require more specialized coverage than a standard BOP might offer.

The Declarations page will be tailored to reflect the specific operations and coverages chosen by these diverse business types.

Special Considerations

• Accuracy is Critical: The information on the Declarations page is legally binding and dictates the scope of coverage. Any inaccuracies in names, addresses, limits, or listed forms can lead to significant problems at the time of a claim. For instance, misstating the business's legal name could create issues in identifying the proper insured entity.
• Governing Document: In case of discrepancies between the Declarations and other parts of the policy, the Declarations often govern, though policy language will specify the order of precedence.
• State-Specific Requirements: While ISO provides a standard template (like BP DS 01 01 10, noted for use in Missouri ), states can mandate specific language, layouts, or additional information on Declarations pages. Insurers may also have their own proprietary versions. The BP DS 01 01 06 is an earlier edition.
• Foundation of the Contract: The Declarations, along with the common policy conditions, coverage form(s), and endorsements, constitutes the entire insurance contract. It should be reviewed carefully by all parties.
• Mid-Term Changes: If changes are made to the policy mid-term (e.g., increasing a limit, adding a location), an updated Declarations page or an endorsement reflecting the change on the Declarations is typically issued.

Key Information for Agents and Underwriters

• Agent's Verification Tool: Agents must meticulously review the Declarations with the insured to confirm that all information is accurate and that the coverages, limits, and deductibles align with the insured's needs and the agreed-upon terms. It's the primary document the insured will refer to.
• Underwriter's Snapshot: The Declarations provide underwriters with a concise summary of the risk assumed, the policy structure, and the applicable premium. It's a quick reference for policy specifics without needing to delve into every form.
• Premium Basis: The Declarations often display key rating information (e.g., building value, payroll, sales, square footage) that forms the basis for the premium calculation. Underwriters verify this information during the quoting process.
• Identifying Endorsements: The schedule of forms and endorsements listed on the Declarations is vital. Agents and underwriters must ensure this list is complete and accurate, as endorsements can significantly alter or restrict coverage provided in the base policy forms. For example, an exclusion for a specific peril, if applicable, should be listed.
• Coverage Adequacy Review: Both agents and underwriters can use the Declarations to assess the adequacy of limits and to identify potential coverage gaps that might need to be addressed with additional endorsements or higher limits. For example, if a business has significant off-premises activity but no Hired and Non-Owned Auto liability is shown, it's a red flag.