A commercial package policy (CPP) is exactly what it sounds like—a package of commercial policies. A commercial package policy combines two or more coverages like commercial property and commercial general liability, business crime, equipment breakdown, inland marine, and commercial auto liability.
What are elements of a commercial package policy?
The commercial package policy provides the Common Policy Declarations regarding the type of coverage, property covered, and the insured. Here, you can see the policy period, coverage, premiums, business information, and policyholder's name and address. CPP Coverages. These components are essential elements of a CPP.
What is meant by a package policy?
A package policy is an insurance cover which in addition to covering third party liabilities, covers the insured against damages caused to their own vehicle such as accidental damage, fire, vandalism, acts of god, natural calamities, etc.
What is an ISO Commercial Package policy?
A Commercial Package policy must include Common Policy Declarations, Common Policy Conditions and two or more coverage forms.