Principles of Risk Management and Insurance, 13th Edition

Summary

• A commercial package policy (CPP) contains a common declarations page, a common policy conditions page, and one or more coverage forms.

• When compared with individual policies, a package policy has fewer gaps in coverage; premiums are relatively lower because individual policies are not purchased; savings in insurer expenses can be passed on to the policyholder; and the insured has the convenience of a single policy.

• Each commercial package policy includes one or more coverage forms. They include the following:

  • – Building and personal property (BPP) coverage form

  • – Business income and extra expense coverage form

  • – Commercial crime coverage form

  • – Inland marine coverage form(s)

  • – Equipment breakdown protection coverage form

  • – Commercial ...