Final answer:
A Commercial Package Policy (CPP) handles damages and claims through a structured process that includes reporting the event, an investigation, documentation submission, and settlement based on the policy's terms. The insurance company aims to resolve claims efficiently and fairly.
Step-by-step explanation:
A CPP, or Commercial Package Policy, should handle damages and claims by following a structured claims process. This process typically involves the business owner or policyholder reporting the damage or loss immediately to the insurance company. Thereafter, an investigation will be conducted, which may include an adjuster assessing the damage, reviewing police reports, and interviewing witnesses.
Once the investigation is complete and the claim is verified, the insurance company will determine the coverage according to the terms of the CPP and calculate the payment amount based on the damages assessed and the policy deductibles. In cases where there is third-party liability or litigation, the insurance provider may also handle legal defense as part of the claim, depending on the policy coverage.