Commercial Multiple Peril Insurance
Definition
- An insurance policy available to businesses that offers coverage for losses due to two or more named perils. For example, a commercial multiple peril insurance policy could be used to provide coverage for both fire and business crime. Also known as a "commercial package policy."
Synonyms
commercial insurance, multiple peril coverage
Related Terms and Acronyms
- Business Crime Insurance — Definition,
- Insurance that covers losses due to criminal acts perpetrated by customers or employees.
- Commercial Blanket Bond — Definition,
- Insurance that covers losses to businesses due to different forms employee fraud, such as embezzlement and forgery.
- Commercial Lines — Definition,
- A broad term referring to insurance policies for professionals, businesses, and other commercial establishments.
- Multiline Insurance Policy — Definition,
- A combination of different insurance policies that are rolled into a single insurance policy.
- Peril — Definition,
- Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
- Umbrella Insurance — Definition,
- Insurance used to cover different types of property in a single policy.
