Managing Risk Flashcards
What is a conversion?
when we lose control of a vehicle, lose contact with renter for 3 days, after losing contact we send a pre demand letter, after 24 hours no contact we send a demand letter which demands return of vehicle within 72 hours
what happens if a conversion goes through?
hits the uninsured losses account, hits branch 30 days after contract is closed, reported as stolen, wholesale value of car hits the branch if vehicle is not obtained
how long does a motor vehicle strike stay on record for?
3 years
how much damage $ qualifies as a strike?
$700
strikes 1st-4th?
1st = memo
2nd = memo + defensive driving course
3rd = memo + 6 mos. probation for promotions
4th = up to termination
what is negligent entrustment?
knowlingly renting to someone intoxicated or under the influence
what is negligent maintenance?
knowlingly renting an unsafe vehicle or a critical LOFR/vehicle needing maintenance/vehicle needing new tires
what is unlimited liability exposure?
negligent entrustment/maintenance
false arrest - renting a vehicle on hot sheet
employee collision and liability - when emp damages a rental
employee safety/chemicals
gloves while using chemicals
goggles for wiper fluid
What is comprehensive insurance?
accidents caused by nature
what is subrogation?
collecting a third party’s insurance if damage is caused