Master Policy

In group insurance this is the policy that is issued to an employer or trustee, establishing a group insurance plan for designated members of an eligible group. The members of the group receive individual certificates which describe the insurance benefits to which they are entitled.

For commercial insurance there can be a master policy set up for a specific type of insurance - such as course of construction. A builder buys a set amount of coverage for an agreed upon term for each location.

A frank discussion with your agent or broker should help you choose which type of insurance is best for your needs. Take the time to find out what is best for you - this can save you money and prevent an unsatisfactory claim situation.