Which of the following is NOT an essential element of a commercial package policy (CPP)?

In the context of a commercial package policy (CPP), the essential elements include specific types of coverage tailored to the needs of a business. General liability coverage and property coverage are integral components of a CPP, designed to protect against various risks associated with business operations and property ownership. Business interruption coverage is also an important aspect that helps businesses maintain their financial stability during periods when they cannot operate due to covered events.

Valuations and/or settlement provisions, while important to the overall structure of insurance policies, are not themselves a standalone element essential to the existence of a CPP. Rather, they deal with how claims are settled, defining how the insurer will determine the value of a loss. Thus, they complement the policy but do not define its core structure or coverage types. Therefore, this element is not essential to a CPP, making it the correct choice in this scenario.