Commercial Package Policy: Structuring a Contractor Insurance Program
Contractors’ insurance programs are often written under a commercial package policy (CPP). A CPP is a package policy, which is a single policy that includes multiple coverages written as separate policies. It utilizes separate, stand-alone forms for each policy, each with its own declaration page alongside a master CPP declaration page that details all of the coverage parts.
What coverages are under a CPP
A CPP includes two or more of the following coverages:
- Commercial Property
- Boiler and Machinery
- Inland Marine
- Crime
- Commercial General Liability
- Products & Completed Operations Liability
- Liquor Liability
- Pollution Liability
- Commercial Automobile
What are the advantages of a CPP?
There are many advantages to choosing a CPP for your insurance. These include:
- Fewer gaps in coverage
- Lower premiums (since individual policies are not purchased)
- Savings in insurer expenses are passed to the contractor in the form of a package discount
- Convenience of a single policy
To learn more about how to structure your CPP and other commercial insurance policies, call TSIB today at 201-267-7500! You may also click below to read more blog posts from TSIB.
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