What does Common Policy Conditions mean? Read on to discover the definition & meaning of the term Common Policy Conditions - to help you better understand the language used in insurance policies.
Common Policy Conditions
The part of the insurance policy typically relating to cancellation, changes in coverage, audits, inspections, premiums, and assignment of the policy. The commercial lines policy forms portfolio promulgated by Insurance Services Office, Inc. (ISO), takes a modular approach to structuring policies. A commercial lines policy is made up of a declarations page, the common policy conditions, one or more coverage forms, and endorsements that modify the coverage forms. The common policy conditions form (IL 00 17) is used with the commercial property, general liability, and crime forms to specify the conditions applicable to the policy.
We hope the you have a better understanding of the meaning of Common Policy Conditions.