What is a key component that is NOT part of a commercial package policy?

A commercial package policy (CPP) is designed to provide various types of coverage tailored for businesses. A key component of such a policy includes specific sections that outline essential elements necessary for the policy's effectiveness.

The declarations page is vital because it outlines the insured's name, location, and the specific forms of coverage included, serving as a summary of what is insured. Interline endorsements are included to modify the standard coverage to fit various exposures and can apply across multiple types of insurance within the package. Coverages denote the actual insurance forms that protect against risks such as property damage, liability, and other business-related hazards.

Valuations and/or settlement provisions, while important in the realm of insurance, are typically not considered a fundamental part of the basic structure of a commercial package policy. Instead, they are terms and conditions relevant to how claims are settled rather than defining the components of the policy itself. Therefore, it is accurate to say that this option does not constitute a key component of the CPP.