Business Automobile Policy (BAP)

Type: Public
On the web: http://www.credicorpnet.com
Employees: 15,969
Employee growth: 21.4%

You have to give Credicorp where Credicorp is due -- in this case, Peru. Credicorp is the holding company for several financial services companies in Latin America. It owns 97% of Banco de Crédito (BCP), Peru's oldest and largest commercial bank with more than 270 branches. In addition to commercial banking, BCP provides retail and investment banking services. Credicorp also owns some 76% of El Pacífico-Peruano Suiza, which underwrites and sells insurance in Peru. Atlantic Security serves Peruvian private-banking customers in Panama. Credicorp was founded in 1995.

Key numbers for fiscal year ending December, 2008:
Sales: $1,467.5M
One year growth: 13.1%
Net income: $369.3M
Income growth: 5.3%

Officers:
Chairman: Dionisio Romero Paoletti
COO; General Manager, BCP: Walter Bayly
Chief Financial and Accounting Officer; CFO, BCP: Alvaro Correa

Competitors:
BBVA
Grupo Santander
Scotiabank

Coverage for automobiles used by a business when a liability judgment arises out of the

use of the automobile, or the automobile is subject to damage or destruction. The business can select coverage for any auto in use, whether business, personal, or hired. The policy is organized as

follows:

Parts I, II, and III-define terms used in the policy, such as auto, accident, insured bodily injury, property damage, territorial limits of coverage.

Part IV Liability Insurance-in a liability judgment against the insured business and/or individual, the insurance company will pay the monetary damages up to the limit of the policy. Negligent acts and/or omissions of the insured business and/or individual must arise out of the ownership and operation of a covered auto, subject to specific exclusions.

Part V physical damage insurance-in the event of damage to an auto, the insurance company will pay under one of two categories: Comprehensive Insurance-damage resulting from fire, explosion, theft, vandalism, malicious mischief, windstorm, hail, earthquake, or flood; or collision insurance-damage resulting from colliding with another object or the overturning of the insured auto.

Part VI Condition-stipulate what the policyholder must do in the event of a loss, such as give notice to the insurance company; submit the company; cooperate with the company in the event of a liability suit.

The BAP has been largely replaced by the Business Auto Coverage Form.