BP 04 84 Functional Building Valuation

An Insurance Services Office (ISO) standard form. It values a scheduled building on a functional basis, paying to repair or replace it with less costly, functionally equivalent construction, or market value if it is not repaired, and adds ordinance or law coverage with an optional business income extension.

1. 08 24 edition

   Aug 2024, compared with 07 13Latest edition

   • A new optional post-loss ordinance or law option covers ordinances or laws issued or revised after the loss but before repair begins, when compliance is required for a building permit or certificate of occupancy.

     07 13

     Not in this edition

     08 24

     “the ordinance or law is promulgated or revised after the loss but prior to commencement of reconstruction or repair”

   • The same post-loss option can be selected for the business income and extra expense extension.

     07 13

     Not in this edition

     08 24

     “Post-loss Ordinance Or Law Business Income And Extra Expense Option is indicated in the Schedule as being applicable”

   • The business income extension no longer applies to ordinances requiring repair or remediation due to pollutants, fungi, wet rot or dry rot, adding fungi and rot to the former pollutant testing and cleanup exclusion.

     07 13

     “or assess the effects of "pollutants".”

     08 24

     “assess the effects of, "pollutants", "fungi", wet or dry rot”

2 other edition dates appear in one or two filings each, often carrier-specific versions: 01 10, 07 02.

Where filings record what this form replaced, they name earlier editions 01 10, 07 13 and other forms VP 04 84. Only some filings record replacements.

• Edition in use: in the past 12 months, 4 companies filed the 07 13 edition and 2 companies filed 08 24.
• BP 00 03 (Businessowners Coverage Form) is filed alongside it most often, in 87 of the same filings (96%).

Data from admitted P&C filings with state insurance departments, submitted Oct 2021 to Oct 2026, excluding withdrawn and rejected filings. One filing can cover several affiliated companies.

• Tokio Marine Holdings Incorporated GroupUses BP 04 84 in 3 filings

• BP 00 03Businessowners Coverage Form87 filings
• BP 04 48Additional Insured – Designated Person Or Organization87 filings
• BP 04 02Additional Insured – Managers Or Lessors Of Premises86 filings
• BP 04 06Additional Insured – Controlling Interest86 filings
• BP 04 09Additional Insured – Mortgagee, Assignee Or Receiver86 filings
• BP 04 10Additional Insured – Owners Or Other Interests From Whom Land Has Been Leased86 filings
• BP 04 11Additional Insured – Co–Owner Of Insured Premises86 filings
• BP 04 16Additional Insured – Lessor Of Leased Equipment86 filings
• BP 04 47Additional Insured – Vendors85 filings
• BP 04 30Protective Safeguards84 filings