Commercial Package Policy (CPP)

Question 1

Commercial Package Policy (CPP)

Answer 1

Written together in a single contract (package) or written separately as single coverage (monoline)

Question 2

7 Components of a Commercial Policy

Answer 2

• General Liability
• Commercial Property
• Inland Marine
• Commercial Auto
• Equipment Breakdown (used to be Boiler & Machinery
• Crime
• Farm

Question 3

In every case, the policy contains MODULAR PARTS which are combined to create the contract. Those parts include:

Answer 3

• Policy Coverage
• Common Policy Declarations
• Interline Endorsements (applicable to more than one coverage part in order to eliminate redundancy)
• Line(s) of Insurance Declarations
• Line(s) of Insurance Coverage Form(s)
• Common Policy Conditions
• Line(s) of Insurance Conditions
• Causes of Loss Forms
• Endorsements

Question 4

4 types of Commercial Property Coverage Forms

Answer 4

• Building & Personal Property
• Condos
• Builders Risk
• Business Income & Extra Expense

Question 5

Building & Personal Property

Answer 5

Covers buildings, business personal property and property of others

• Direct Damage Form
• Basic, broad, special causes of loss forms

Question 6

Condominiums

Answer 6

Association & Commercial unit-owner forms

Question 7

Builders Risk

Answer 7

Buildings under construction

Question 8

Business Income & Extra Expense

Answer 8

Combined or separate coverage for indirect losses