Final answer:
The answer explains that interline endorsements are the element not essentially part of a commercial package policy. It highlights the importance of the declarations page, policy conditions, and valuations/settlement provisions in a CPP.
Step-by-step explanation:
All of the following are essential elements of a commercial package policy (CPP) EXCEPT for interline endorsements. A CPP is designed to provide a broad range of coverages for businesses. It typically includes a declarations page, which outlines the specifics of the policy, such as the insured party, coverages, limits, and policy period. Policy conditions establish the obligations of both the insurer and the insured, and they detail the general rules or procedures under which the policy operates. Valuations and/or settlement provisions stipulate how losses are assessed and paid.
On the other hand, interline endorsements are not a core component since they are typically used to modify or broaden coverage and can be added to different types of policies, not exclusively CPPs.