BOP Section III - Common policy conditions

Section III of the Boiler and Pressure Vessel (BOP) policy conditions states the common policy conditions that must be adhered to by both insurers and policyholders. These conditions include requirements for notification, premium payments, and coordination of benefits. It also sets out the duties of insurers and policyholders regarding maintenance and inspection of the covered property and the handling of losses and other claims. Furthermore, Section III outlines the right of the insurer to inspect the premises, update policy information, and modify its policies to reflect changing conditions. Finally, Section III states the insurer's right to subrogate its claims in certain situations.