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New York Business Owners Policy: Separate Flood and Property Forms

New York DFS describes BOPs as packages that may combine buildings, equipment, inventory, business income and liability, while warning that flood is generally outside monoline and BOP policies. It also distinguishes named-peril forms from special forms that remain subject to exclusions. Compare the actual package against your building, contents, income and flood exposures. 1,2

What Is Business Owner’S Policy?

A BOP may suit an eligible small business that wants property, liability and lost-income protection together. If you also need auto, workers’ compensation or professional liability, plan for separate coverage. Read the national Business owner’s policy guide.

What to Watch for in New York

  • Value the package by coverage part

    DFS lists buildings, equipment, inventory, income, extra expense and liability among possible BOP protections. Compare each limit with the business's current property schedule and realistic downtime costs; a package label alone does not confirm that every item or limit is included. 1

  • Do not assume a BOP covers flood

    DFS says flood losses are for the most part not covered by the monoline or BOP policies it describes. Ask for a separate flood quote and confirm building versus contents treatment and community eligibility; a special-form property policy still can exclude flood. 1,2

  • Compare named perils with exclusions

    DFS says basic and broad commercial forms list covered causes, while a special form covers other losses unless excluded; it specifically cautions that “all risk” is a misnomer and names flood and earthquake as possible exclusions. Have the agent identify the actual causes-of-loss form and read its exclusions and endorsements. 1

Who Regulates Insurance in New York

New York State Department of Financial Services

New York DFS supervises insurance companies and producers, administers insurance law and accepts consumer complaints about property and casualty policies, including commercial insurance. 3,4,5,6

Surplus-lines tax and stamping office

Reported tax rate: 3.6% of gross premium, less returned premium; ELANY stamping fee is 0.15% through 2026 and 0.17% for policies incepting on/after Jan. 1, 2027 When New York is the insured’s home state, excess-line tax is 3.6% of gross premium less returned premium. ELANY’s September 20, 2026 bulletin sets a 0.15% stamping fee through December 31, 2026 and 0.17% for policies incepting on or after January 1, 2027; statutory search requirements and guaranty-fund protection depend on the applicable New York excess-line rules. 7,8,9,10

Excess Line Association of New York

Providers With Documented State Licenses

These providers publish a national listing for Business owner’s policy; the state records document licenses for the entities and roles shown below. Some records rely on company-reported information rather than independent regulator verification. A national listing does not confirm the product is available in New York. Check the regulator’s license lookup and confirm state availability for your business when requesting a quote.

  • CorgiCorgi Insurance Services, Inc.Insurance producer · checked 2026-09-28Corgi’s company producer-license table lists 50 jurisdictions: 49 states and the District of Columbia, including DC license 3003091619. New Mexico does not appear in the table and is not included here; the omission does not establish that Corgi is unlicensed there. The company-reported table has no stated as-of date and does not establish product availability. 13
  • HiscoxHiscox Insurance Company Inc.Insurer · checked 2026-09-28Hiscox’s U.S. company information states that Hiscox Insurance Company Inc. is licensed in all 50 states and the District of Columbia. This is company-reported insurer authority for this entity and does not establish which company issues every Hiscox-branded product. 14
  • TechInsuranceSpecialty Program Group LLCInsurance producer · checked 2026-09-28TechInsurance’s current licensing page names Specialty Program Group LLC / SPG Insurance Solutions and lists state license numbers, but labels Rhode Island “Individual licenses” rather than identifying a license for the named agency. RI is omitted because this disclosure does not establish agency authority there; this is a search limitation, not an assertion that the company is unlicensed. The remaining state entries are company-reported and are not an insurance product availability map. 15

Questions to Ask Before You Buy in New York

  1. Which BOP sections and limits cover the building, leased equipment, inventory, business income and extra expense?
  2. Which causes-of-loss form applies, and where do the policy and endorsements address flood, earthquake, sewer backup and wind?
  3. What separate flood option is available for this address, and what structure and contents limits would it provide?

Business Owner’S Policy in New York: FAQ

Does a special-form property policy cover every kind of loss? 1

No. DFS says special form covers losses unless specifically excluded and warns that “all risk” is a misnomer; its examples of possible exclusions include flood and earthquake. Read the policy's actual exclusions and endorsements. 1

Is flood usually included in a New York BOP? 1,2

DFS says flood coverage is for the most part not provided in the BOP and monoline policies it describes. Ask about separate flood protection and compare its property and income terms with your needs. 1,2

Business Owner’S Policy in Other States

Other Coverage in New York

Sources

  1. Information for Small Businesses. New York State Department of Financial Services; All-In-One Package Policies and NFIP sections, lines 86–100 and 150–152; BOP/flood scope. Accessed 2026-09-28.
  2. Buy a Flood Insurance Policy. National Flood Insurance Program; Business coverage and FAQ: building/contents coverage, separate deductibles, no business-interruption benefit. Accessed 2026-09-28.
  3. New York State Department of Financial Services. New York State Department of Financial Services; Official regulator homepage. Accessed 2026-09-28.
  4. Who We Supervise. New York State Department of Financial Services; DFS describes insurance oversight and provides links to company and producer searches. Accessed 2026-09-28.
  5. Consumer Complaints. New York State Department of Financial Services; Official portal files insurance complaints for health, life and property/casualty insurance. Accessed 2026-09-28.
  6. New York Insurance Law §2118(d)(1). New York State Senate; Current statutory text: 3.6% of gross premiums less returned premium when New York is the insured’s home state. Accessed 2026-09-28.
  7. ELANY Bulletin 2026-20: Notice of Change in Stamping Fee. Excess Line Association of New York; September 20, 2026 bulletin: 0.17% applies to policies incepting from Jan. 1, 2027; endorsements on policies incepting Jan. 1, 2023–Dec. 31, 2026 retain 0.15%; excess-line tax remains 3.6%. Accessed 2026-09-28.
  8. New York Insurance Law §2118. New York State Senate; Excess-line broker duties and filing requirements; §2118(a) due care; exceptions should be applied only where statutory conditions are met. Accessed 2026-09-28.
  9. New York Insurance Law §2118. New York State Senate; Excess-line statutory duties and policies; source is used for placement context. No state-specific guaranty cap/note included. Accessed 2026-09-28.
  10. Licenses. At-Bay; Current producer introduction and state table; At-Bay Insurance Services LLC; P&C and surplus-lines identifiers. Accessed 2026-09-21.
  11. Licenses and Carriers. Coalition; Licenses and Carriers, re-read 22 September 2026: Insurance Licenses table for Coalition Insurance Solutions, Inc., national producer number 18419475, with producer and surplus-lines numbers for all 50 states and DC including California 0L76155, Georgia 196479, Texas 2199630 and 2205589, Pennsylvania 815731 and 817452, Colorado 539028 and Wisconsin 3000108852. Insurance Carriers table naming, with NAIC numbers, Allianz Underwriters Insurance Company 36420, Arch Specialty Insurance Company 21199, Ascot Specialty Insurance Company 45055, Ascot Insurance Company 23752, Aspen Specialty Insurance Company 10717, Chaucer Insurance Company DAC, Coalition Insurance Company 29530, Fireman's Fund Indemnity Corporation 11380, Fortegra Specialty Insurance Company 16823, Lloyd's of London, MSIG Specialty Insurance USA Inc. 34886, MS Transverse Specialty Insurance Company 41807, Steadfast Insurance Company 26387, Vantage Risk Specialty Insurance Company 16275 and Zurich American Insurance Company 16535. Accessed 2026-09-22.
  12. Insurance Producer Licenses. Corgi Insurance; Current complete Insurance Producer Licenses table for Corgi Insurance Services, Inc.; 50 rows covering 49 states and DC (DC 3003091619); no New Mexico row; no NPN or as-of date shown. Accessed 2026-09-28.
  13. About Hiscox US Insurance. Hiscox; Hiscox Insurance Company Inc. NAIC 10200 as Chicago, IL domiciled insurer admitted or licensed in all 50 states and D.C.; Hiscox Inc. as general agent and Lloyd’s coverholder for Syndicates 33 and 3624; surplus-lines placements through licensed surplus-lines brokers; A.M. Best rating statement. Accessed 2026-09-16.
  14. Insurance Licenses by State. TechInsurance; Current state table; identifies TechInsurance as a division of Specialty Program Group LLC d/b/a SPG Insurance Solutions; lists DC 3000041536 and labels Rhode Island “Individual licenses,” without an agency license number. Accessed 2026-09-28.
  15. Licenses. Vouch; Effective 16 January 2025: Vouch Specialty Insurance Services, LLC, NPN 19926463; P&C table (50 states and DC); surplus-lines table includes Idaho 870820; footnote says Georgia and Idaho do not issue agency-level surplus-lines licenses; Idaho retained as producer-only due to conflict. Accessed 2026-09-15.

Updated .

This guide is informational and does not determine whether a policy is available or meets your needs. Editorial policy. To suggest a correction, contact Spot with a supporting source.

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