Which of the following statements is true about a business owners policy?

It provides options to value property at actual cash value, agreed value, or $($for buildings$)$ functional replacement cost.

It can be purchased either on a named$-$perils or an open$-$risk basis.

It is an outgrowth of the capital asset program.

It provides coverage for inland transportation and specialized equipment.

In this policy, the bulk of the premium goes toward costs of inspection and loss control.