Commercial multiple peril policy,
Definition of Commercial multiple peril policy:
A commercial multiple peril policy offers at least two forms of coverage, including a variety of losses incurred from numerous causes. Commercial multiple peril policies can cover a variety of losses incurred from numerous causes. Some of the types of coverage offered include business crime, business automobile, boiler and machinery, marine and farm.
Commercial multiple peril insurance is the most popular type of commercial package insurance policies in the U.S. property and casualty insurance market. These policies are sold by property and casualty insurers to businesses of various types. They typically combine several property and general liability coverages under a single policy, creating a convenience in coverage for the insured. It is often available for a discount. It is rated by applying factors known as package modifications at the end of the rating process. This permits each coverage in the package to be analyzed in combination with results from the monoline coverage.
A commercial insurance policy that offers at least two forms of coverage. Commercial multiple peril policies offer coverage for a variety of losses such as business crime, business auto, boiler and machinery, marine and farm, as well as general liability.
Meaning of Commercial multiple peril policy & Commercial multiple peril policy Definition