Multiline Insurance Policy

Definition

• An insurance policy that combines the coverage of multiple insurance policies into a single insurance policy. A wide range of risks can be covered by a multiline insurance policy, but the exposures combined in policy are often closely related; for example, a multiline insurance policy might conceivably cover both property and casualty risks. Many times, the rationale for choosing a multiline insurance policy is that for an entity exposed to multiple risks, a single policy can cost a great deal less than multiple separate policies.

Synonyms
wide range insurance, multiple insurance policy, combination insurance

Related Terms and Acronyms

• Blanket Insurance — Definition,
  • A form of insurance that covers multiple different classes of property with one policy. Homeowner's insurance, for instance, not only covers damages to the insured home, but also the contents of the home.
• 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.
• Commercial Multiple Peril Insurance — Definition,
  • Insurance policies that provide businesses coverage for more than one named peril.
• Floater Insurance — Definition,
  • Insurance that covers assets not commonly covered by an existing policy such as electronics or jewelry.
• General Liability Insurance — Definition,
  • Insurance that protects individuals and businesses from a number of potential liabilities.
• Insurance Policy — Definition,
  • A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
• Peril — Definition,
  • Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
• Personal Property (PP) — Acronym,
  • Property that is movable and not permanently attached to a dwelling or structure.
• Umbrella Insurance — Definition,
  • Insurance used to cover different types of property in a single policy.