Commercial Package Policy Insurance

Most Commercial Package Policies (CPP) automatically include certain additional coverages, which cover losses that would otherwise be excluded. Additional coverages typically contain a sub-limit. Examples of Additional Coverages include Debris Removal, Pollutant Clean-up, Fire Department Service Charges, etc.

A coverage extension broadens an existing coverage in some way, and can vary widely from one policy to another. Coverage Extensions often include a sub-limit or a time limit. Examples of Coverage Extensions include Newly Acquired Property, Property of Others, Outdoor Property, etc.

Builders offers optional coverage enhancements on our Property and General Liability coverage. Each provide a suite of additional coverages and coverage extensions, either increasing sublimit of additional coverages, or adding some coverage extensions. We can also add Hired & Non-owned Auto (HNOA) as an extension to the General Liability.

An Additional Insured is a type of status under Property, Inland Marine, or General Liability which provides coverage to an individual or entity that is not initially named in the policy but that has a relationship with the named insured. Additional Insured status may apply when the primary insured is required by contract to provide coverage to third-parties for risks arising out of their connection to the named insured’s conduct or operations. An Additional Insured, under specified circumstances, is entitled to some of the benefits and coverages under the policy. Insurance carriers providing Additional Insured status may charge an additional premium for this coverage.

An Additional Named Insured is an entity named on the policy and has the same rights as the primary named insured. An Additional Named insured is 100% entitle to all the rights, coverages and payouts of the policy. They are given full policy coverage without the limits of an additional insured. Insurance carriers may have requirements to qualify as an Additional Named Insured on the policy, such as a minimum of 51% common ownership with the primary named insured on the policy.

The cost of a Commercial Package Policy depends on the size and riskiness of the business. Annual premiums are determined by factors such as sales and payrolls, property values and characteristics, location, and more. Visit bldrs.com and request your free Commercial Package Policy quote today.