Multiple Peril Insurance
Definition - What does Multiple Peril Insurance mean?
Multiple peril insurance is a policy meant to cover more damage and loss than regular property insurance. It often combines the feature of a comprehensive property insurance that covers several risks and a policy covering a particular peril such as flood or earthquake.
Multiple peril insurance is also known as multi-peril insurance or commercial multiple peril insurance.
Insuranceopedia explains Multiple Peril Insurance
Multiple peril insurance is targeted for a wide range of businesses including agriculture, in which crops can be damaged by natural phenomena like hail or wind storms. Not only does this cover land and structures, but multiple peril insurance may cover loss and damage to equipment as well, including machinery for production like trucks and mills. In other words, multiple peril insurance is more comprehensive than the typical property and casualty insurance.