In this paper, we revisit the (2+1) dimensional long dispersive wave equation employing the truncated Painlevé approach. We then generate the solutions in the closed form in terms of lower dimensional arbitrary functions of space and time. By suitably harnessing the arbitrary functions present in the solution, we then construct localized solutions such as dromions, lumps and rogue waves. We have also explicitly brought out the generality of the localized solutions compared to the localized solutions generated earlier. The collisional dynamics of dromions, lumps and rogue waves is then explored. © 2019 Elsevier B.V., All rights reserved.