Quick Answer: Which Of The Following Would Be Covered By A Commercial Package Policy?

Which of the following coverage parts would be in a commercial package policy?

A Commercial Package policy must include Common Policy Declarations, Common Policy Conditions and two or more coverage forms..

What is a package policy?

Package Policy — a combination policy providing several different coverages. Usually refers to a policy providing both general liability insurance and property insurance.

What is the minimum number of coverage parts that must be included in a commercial package policy?

Dwelling property coverage is a personal lines policy and, therefore, is not eligible for inclusion in a CPP. All commercial package policies must include: A) 5 or more coverage parts.

How do you read a commercial insurance policy?

How to Read Any Insurance Policy: 12 RulesAscertain who qualifies as an insured.Annotate the policy form.Confirm all forms and endorsements are attached.Read the Insuring Agreement first.Read the exclusions.Read the exceptions to the exclusions.When the policy refers to another section, read that section immediately.More items…•

What is the difference between a commercial package policy and a business owner’s policy?

Business Owner’s Policy: A business owner’s policy, or BOP, combines business property and general liability insurance in one policy. … Commercial Package: A package also offers property and general liability protection, along with broader coverage options and higher policy limits.

How many sections does a commercial package policy have?

Commercial General Liability (CGL) is the standard commercial liability policy used to insure businesses. There are three primary coverage sections that make up a CGL policy: premises liability, products liability and completed operations.

What is not covered under commercial insurance?

Liability insurance does not cover injuries and damage caused by employees driving outside of the company’s facilities. You must purchase a separate auto insurance policy to protect the company from lawsuits related to automotive claims. Your policy may also cover vandalism to the company’s fleet of vehicles.

Which of the following is covered by a commercial package policy CPP )?

More specifically, the package may include the following commercial coverage elements: boiler and machinery, capital assets program, commercial automobile, commercial general liability, commercial inland marine, commercial property, crime and fidelity, employment-related practices liability, farm liability, liquor …

Which is true of the special dwelling forms?

Which is true of the Special Dwelling Forms? Rationale: Cracking of walls and theft are exclusions to this policy. Furthermore, losses to the dwelling are paid on a replacement cost basis, while the contents are paid on an actual cash value basis.

What is covered in a commercial package policy?

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 not included in a commercial package policy?

Commercial package policies can’t include certain items like workers’ compensation or directors-and-officers insurance. Workers’ compensation insurance is required by law and must be purchased as a separate policy. Directors-and-officers policies are necessary for non-profit organizations.

What is a monoline policy?

A monoline policy is a policy that covers one type of insurance; for example, workers compensation or commercial auto are often written as single, or monoline, coverage. A package policy includes two or more lines of insurance coverage. … The premium for each coverage part included in the policy.

Which of the following is correct concerning the commercial property special causes of loss form?

Which of the following is correct concerning the Commercial Property Special Causes of Loss Form? The Special Cause of Loss form provides ‘open perils’ coverage. Beyond the expanded list of covered perils, it provides some additional coverage extensions, and coverage sublimits.

Which of the following is eligible for a business owners policy?

Businesses in low-risk industries with a small footprint often qualify for a business owner’s policy, which combines general liability insurance with property insurance at a discount. The typical business that is eligible for a BOP: Has fewer than 100 employees. Has a small office, workplace, or other premises.

What is a commercial multi peril policy?

A commercial multiple peril (CMP) policy bundles together several property casualty insurance coverage types to create a convenient all-in-one package for the insured. A commercial multiple peril policy is often available at a discount when compared to multiple separate policies.