Commercial Package Policy Review
A Commercial Package Policy is a policy that businesses can get that require the following sections: Common Policy Declarations, which are the name of the insured, their mailing address, their policy period, the description of the policy coverage, a list of coverages and their premium amounts, and the types of forms necessary for the policy; Common Policy Conditions; as well as 2 or more of either of these policies, property, general liability, crime, auto, inland marine, farm, employment practices liability, professional liability, or boiler and machinery.
A Commercial Package Policy consists of the following sections. First, it will have a Common Policy Declarations section, a Common Policy Conditions section, and then two or more of the following: commercial property, commercial general liability, commercial crime, commercial auto, commercial inland marine, farm, employment practices liability, professional liability, or boiler and machinery liability.
All of these sections are included in a Commercial Package Policy. Under the Common Policy Declarations section, it will always have the following things listed: the name of the insured and their mailing address, policy period, a description of the type of coverages in the policy, a list of those coverages and their premium amounts, and then the types of forms necessary for the coverage provided.
Commercial Package Policy provides monoline and multiline coverages for businesses. It consists of these things. It also includes interline endorsements, which can be applied to multiple insurance lines. These endorsements can be both optional and required under the given policy.