An insurance contract that provides coverage for several perils including property and casualty perils (a.k.a., multi peril insurance). An example of a package policy would be homeowners' insurance, which combines property liability and theft coverage into one policy.
policy that includes more than one line of insurance coverage. (See also, Multi-Line Policy.)
A combination of two or more individual polices or coverages into a single policy. A homeowners policy, for example, is a package combining property, liability and theft coverages for the homeowner.