Essay on Insurance and Terrorism Risk Insurance

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1/5/2012

Commercial Package Policy (CPP) Overview
• Allows the business to carry several types of coverage within one policy

Overview of Commercial Package Policy

• Eliminates repetitive information • Discounts provided to insured

©2011 Kaplan, Inc.

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©2011 Kaplan, Inc.

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Eligible Coverages
• Commercial property • Commercial general liability • Commercial auto • Commercial inland marine • Boiler and machinery • Commercial crime

Eligible Coverages
• Professional liability • Employment practices liability • Farm • Liquor liability • Pollution liability

©2011 Kaplan, Inc.

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©2011 Kaplan, Inc.

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Commercial Package Policy (CPP) Overview
• A commercial package policy consists of
– Common policy declarations – Common policy conditions – Two or more coverage parts • Monoline policy used if only one coverage is needed

Common Declarations
• Named insured and business address • Business description • Policy period • Policy limit and premium for each coverage • Forms applicable to all coverage parts

©2011 Kaplan, Inc.

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©2011 Kaplan, Inc.

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1/5/2012

Common Conditions
• Cancellation condition—sets forth the circumstances under which policy may be cancelled
– Insurer cancellation • Non-payment of premium: 10 days • Other reasons: 30 days • Non-renewal: 60 days – Check the state law supplement to confirm specific state requirements
©2011 Kaplan, Inc. 7

Common Conditions
• Policy changes, premium payments
– First named insured

• Examination of books and records
– Insurer has right to examine and audit without notice

• Inspections and surveys
– Related to insurability and premiums (loss prevention measures) – Insurer may conduct at any time
©2011 Kaplan, Inc. 8

Common Conditions
• Transfer of rights and duties (assignment clause)
– Must be in writing and approved by insurer – If named insured dies, rights transfer to insured’s legal representative

Terrorism
• Commercial property and casualty policies must offer coverage for certified acts of terrorism
– Terrorism Risk Insurance Act of 2002
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