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ISO Commercial Property Program

Summary: The Common Policy Conditions form, IL 00 17 11 98 , of the ISO simplified-language commercial property program contains six conditions that must be incorporated into any policy written under the program and that apply to all the policy’s coverages. Most of these common policy conditions are restatements, modified in varying degrees, of provisions of the standard fire policy.

Topics covered:

CancellationChangesExamination of your books and recordsInspections and surveysPremiumsTransfer of your rights and duties under this policy

Cancellation

1.The first Named Insured shown in the Declarations may cancel this policy by mailing or delivering to us advance written notice of cancellation.

2.We may cancel this policy by mailing or delivering to the first Named Insured written notice of cancellation at least:

a.10 days before the effective date of cancellation if we cancel for nonpayment of premium; or

b.30 days before the effective date of cancellation if we cancel for any other reason.

3.We will mail or deliver our notice to the first Named Insured’s last mailing address known to us.

4.Notice of cancellation will state the effective date of cancellation. The policy period will end on that date.

5.If this policy is cancelled, we will send the first Named Insured any premium refund due. If we cancel, the refund will be pro rata. If the first Named Insured cancels, the refund may be less than pro rata. The cancellation will be effective even if we have not made or offered a refund.

6.If notice is mailed, proof of mailing will be sufficient proof of notice.

Analysis

Either the insurer or the insured may cancel the policy by giving the other advance written notice. The notice may be mailed or delivered directly to the other party. If the insurer mails notice, proof of mailing is proof of notice. If the insurer cancels, it must give at least ten days notice when the cause is nonpayment of premium and thirty days for cancellation on any other grounds.

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