COMMERCIAL INSURANCE

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COMMERCIAL INSURANCE

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protect insured with property & liability needs with business exposure

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CPP

COMMERCIAL PACKAGE POLICY

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allows insured to pick and choose policies/lines and put together to form a package (one is MONOLINE)

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7 COMMERCIAL POLICY TYPES CAN BE ADDED TO CPP

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commercial property, commercial general liability, inland marine, equipment breakdown, crime, commercial auto, farm

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NOT ELIGIBLE FOR CPP

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commercial umbrella, ocean marine, aviation, workers compensation, professional liability, life, health/disability-ALL MUST BE MONOLINE

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INTERLINE ENDORSEMENT (CPP)

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endorsement added to CPP that altered more than one type of coverage

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(CPP) COMMON POLICY DECLARATION

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General info-insured's name/address, policy period, description of business, different policy times purchased and premium per

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WHO CAN BE INSURED (CPP)

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individual/sole proprietor, partnerships (NOT separate from person, spouse covered and could be liable

Entity and LLC-separate from individual-

employees, real estate managers, legal reps of insured are insured

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(CPP) COMMON POLICY CONDITIONS

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rules that all parties agree to and apply to ALL parts of CPP-first named insured, transfer of rights and duties, examination of books and records, inspections & surveys

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CPP FIRST NAMED INSURED

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may cancel, make changed, pay premiums, receive premium refunds

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CPP TRANSFER OF RIGHTS & DUTIES

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cannot transfer policy without written approval of insurer (ASSIGNMENT). mostly will cancel and issue new policy to other person