Commercial Package Policy
The Insurance Services Office (ISO) makes available package policies tailored to meet the specific needs of business firms. A package policy is one that combines two or more coverages into a single policy. If property and liability insurance coverages are combined into a single policy, it is also known as a multiple-line policy. In contrast, a policy that provides only one type of coverage is known as a monoline policy.
When compared with individual policies, a package policy has several advantages. There are fewer gaps in coverage; insureds pay relatively lower premiums because individual policies are not purchased; savings in insurer expenses can be passed on to the policyholder; and the insured has the convenience ...
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