Special multi peril (SMP)

Special multi peril (SMP),

Definition of Special multi peril (SMP):

  1. A type of policy mostly replaced by modern commercial forms. This policy eliminated the need for several contracts by combining their coverages into one policy. The policy could be changed to meet the needs of each insured, but liability and property coverage was a required part of the package.

Meaning of Special multi peril (SMP) & Special multi peril (SMP) Definition