All of the following are essential elements of a commercial package policy (CPP) EXCEPT:

A commercial package policy (CPP) is a comprehensive insurance policy designed for businesses that combines various types of coverages in one package. The essential elements of a CPP typically include a common declarations page, essential endorsements, and general liability coverage.

The common declarations page serves as a summary of the policy, detailing the insured’s information, coverage limits, and applicable deductibles. Essential endorsements allow for the customization of the policy to meet the specific needs of the business, ensuring that it provides adequate coverage for unique risks.

General liability coverage is an important component of most commercial insurance policies, protecting businesses against third-party claims for bodily injury, property damage, and personal injury.

While valuations and/or settlement provisions are relevant in many types of insurance policies, they are not a defining characteristic specific to a CPP. Rather, such provisions may vary depending on the particular coverages included within the policy. Therefore, including valuations and settlement provisions is not considered an essential element of a commercial package policy. This is why this option stands out as the exception among the choices provided.