Multiple Peril Insurance
What Does Multiple Peril Insurance Mean?
Multiple peril insurance is a policy designed to cover a broader range of damage and loss compared to standard property insurance. It typically combines the features of comprehensive property insurance, which covers various risks, with coverage for specific perils, such as floods or earthquakes.
Multiple peril insurance is also referred to as multi-peril insurance or commercial multiple peril insurance.
Insuranceopedia Explains Multiple Peril Insurance
Multiple peril insurance is designed for a wide range of businesses, including agriculture, where crops may be damaged by natural events such as hail or windstorms. In addition to covering land and structures, this type of insurance can also cover the loss or damage to equipment, including machinery used in production, such as trucks and mills. In other words, multiple peril insurance offers broader coverage than typical property and casualty insurance.
