Definition - What does Owner's Policy mean?
An owner's policy is a type of an insurance policy that covers all liability and property risk in a single package. This type of insurance is typically seen in property insurance, flood insurance, crime insurance, business insurance, etc. Attorneys often recommend liability coverage for clients in cases where it will protect their interests.
Justipedia explains Owner's Policy
In title insurance, an owner's policy protects the borrower in all those events where something goes wrong with the title. For example, title insurance would protect against a lien which might have been missed in the title search. The main aim of this policy is to protect the borrower from unfavorable events.