Any one know what a Master PAC is? I’ve seen some competitors use this term causing me to think it’s an industry standard. This is a commercial lines phrase for more than one BOP style competitor.
Till all are one,
Epistemus
I work in commercial lines pricing and have never heard of this term
I’ve worked in most commercial lines and have never heard of this.
I believe that is a small business package product brand name for a particular carrier. It is not an industry term AFAIK, just one carrier’s brand.
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Only place I’ve seen it is a certain umbrella logo insurer than has it as a brand name of a BOP policy with some preferred options.
Googling it leads me to believe it is the marketing term for a package (and I am guessing package discount) for purchasing multiple individual policies covering specific risk needs.
For Travelers, the options to be included in their MasterPac include:
Commercial Auto
WC
Apartments
Condos
Commercial Property
BOPs
Contractor’s Liab
Garage Liab
Manufacturer’s Liab
Office BOPs
Religious Institutions
Restaurant
Storefronts
Wholesalers
Cyber policies
“World Business” I assume that this is reverse flow
Umbrella
A few of these are BOP type business, but they must offer specific coverages under BOP for specific insureds. A diner, for example, might have different policy coverages compared to a church.
Is this really a BOP, or just a multi peril package
Well, my definitions would say that if the exposure base is the same for both the property and casualty, then it is a BOP. If property is rated off of one exposure base (usually insured value) and casualty is rated off of another exposure base (sales, revenue, square footage, etc) then I would call it CMP. But neither would include commercial auto, WC, or umbrella. So they got a new marketing term for the whole lot now.
On an ISO BOP, only some classes are rated this way. Others, like restaurants and contractors are rated on separate exposure bases.
So what differentiates BOP and CMP, then? Just premium size with BOPs being on the smaller end of things?
Years ago, there used to be another category of package business called Special Multi Peril (SMP) that I have not seen used in quite a while.
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AFAIK nothing. BOP is just ISOs brand name for their CMP product aimed at smaller insureds.
If you’re not an ISO based CMP, you’re technically not a BOP, but it’s a rather punctilious distinction.
I thought ISO BOP has a single loss cost.
That’s different from CMP where you’re literally just combining different LOB.
Dear Everyone,
Thanks for schooling me. I promise i’m not a plant trying to astroturf interest in a given company’s product. I thought i had seen more than one company use the branding mentioned in the OP. As @DeepPurple says, it looks like it’s just from one company to use the branding i’d mentioned above.
The BOP vs CMP discussion is interesting, maybe the product is just the branding which includes all of cyber/WC/property/liability on separate policies purchased together. it’s easier to tell an agent to sell one thing which includes all of these products.
Till all are one,
Epistemus