What does Package Personal Insurance (ACORD 86) mean?

1
What does Package Personal Insurance (ACORD 86)
mean?

• www.winsurtech.com

2
Introduction

• A Package Policy is a type of insurance policy
  that usually includes more than one kind of
  insurance coverage. The most common Package
  Personal Insurance Policy combines property
  coverage, such as for buildings or business
  contents, with liability coverage or such as
  premises liability or product liability. One
  advantage of packaging coverages is the cost.
  When a single company can provide coverage for
  several lines of business, such as property,
  liability, business income, and so forth, they
  can offer pricing considerations.

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How does a Package Personal Insurance Policy work?

• A Businessowners Policy (BOP) is the most common
  and broadest type of Package Policy, but other
  policies comprise the majority of commercial
  insurance programs when more than one line of
  insurance is written by the same insurance
  company. For example, a company with no property
  except a marine and liability exposure could have
  a Package Policy covering those two lines. This
  policy may be used when the business doesnt
  qualify for a BOP.

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• Two coverages included in a BOP that might need
  to be priced specifically are business income and
  product liability. For example, many restaurants
  use a Package Policy because the product
  liability food poisoning or choking needs to
  be specifically rated. Similarly, some businesses
  have such large business income and extra expense
  needs that this coverage also needs to be rated
  specifically.

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FOR MORE DETAILS VISIT WISNURTECH OR Email us at
contact_at_winsurtech.com for the price. We also
provide AL3 consultancy so our team can work
closely with your team for integration assistance
and to provide any consultation you need.