Legal Definitions - package policy

A package policy is a type of insurance policy that provides protection against multiple perils and losses of both the insured and third parties. It is a contract of insurance that details the terms and conditions of the coverage. A homeowner's policy is an example of a package policy.

Other examples of insurance policies include:

• Accident policy: insures against loss resulting directly from accidental bodily injuries sustained during the policy term.
• Commercial general-liability policy: covers most commercial risks, liabilities, and causes of loss.
• Completed-operations policy: covers accidents arising out of a job or an operation that a building contractor has completed.
• Excess policy: provides coverage for losses that exceed the basic or usual limits of liability provided by other policies.
• Group policy: covers multiple insureds under a group-insurance plan.
• Homeowner's policy: provides coverage for a variety of risks, including loss by fire, water, burglary, and the homeowner's negligent conduct.
• Open-perils policy: covers all risks against loss except those specifically excluded from coverage.
• Umbrella policy: covers losses that exceed the basic or usual limits of liability provided by other policies.

These examples illustrate the different types of insurance policies that are available to individuals and businesses. Each policy provides coverage for specific risks and losses, and it is important to choose the right policy for your needs.