What is commercial package

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 is the purpose of a commercial package policy?

A commercial package policy (CPP) is an insurance policy that combines coverage for multiple perils, such as liability and property risk. A commercial package policy allows a business to take a flexible approach to obtain insurance coverage.

What is not included in a commercial package policy?

Businesses can include policies such as commercial auto, employment practices liability, and professional liability in their CPP. However, more specialized policies such as key person and directors ɪmp; officers insurance cannot be included.

What are the three main parts of the commercial package policy?

The commercial package policy (CPP) program was started by the Insurance Services Office (ISO) in 1986. Every policy includes three standard elements: the cover page, common policy conditions, and common declarations (shown in Figure 15.1 "Links between the Holistic Risk Puzzle and Commercial Insurance").

What is mean by package in insurance?

Package Policy — a combination policy providing several different coverages. Usually refers to a policy providing both general liability insurance and property insurance. Premium discounts are usually allowed to reflect cost efficiencies.