Unit Seventeen Commercial Auto Insurance Flashcards
How can the Commercial Auto Policy be written as?
A monoline policy or can be included in the commercial package policy (CPP)
What elements does must a Commercial Auto Policy contain?
•declarations
•conditions
•1 to 5 separate coverage forms and appropriate declarations form
What is a business auto coverage form used for?
To insure the private passenger and commercial auto exposures of all businesses other than garages, truckers, and motor carriers.
What does the business auto coverage form include?
•liability coverage
•physical damage coverage
Who is insured?
•Named
•Employees
What is Out of State Coverage Extensions?
Increases limits if necessary to meet another states financial responsibility requirements
Where is the coverage territory?
•United States and its territories and possessions, Puerto Rico, and Canada
•Worldwide if nonowned
•Mist be sued in US Puerto Rico and Canada
What is legal action against insurer?
No legal action unless insured complied with all terms
What does the other insurance condition state?
•Primary-owned
•Excess-nonowned
What does two or more by same insurer mean?
Amount paid limited to highest single policy limit
What would be eligible for the garage coverage form?
•Auto dealers
•Truck dealers
•Motorcycle dealers
•Commercial trailer dealers
•Recreational vehicle dealers
What are the 2 garage form symbols?
•Symbol 30
•Symbol 31
What is garage form Symbol 30?
Customers’ autos left with the insured for service, repair, storage, or safekeeping
What is garage form Symbol 31?
Physical damage coverage only for the dealers’ autos, including owned autos on consignment
With the garage coverage form covering both auto and business what does that mean?
It covers auto liability and garage liability-slip and fall
What does garagekeepers insurance cover?
Damage to customers’ property that the insured has for servicing, repair, parking, or storage.
What does garage physical damage coverage offer?
•collision
•comprehensive
•specified perils
What is the truckers coverage form?
A modified version of the business auto coverage form that takes into consideration the special practices and regulations that apply to the trucking industry.
The truckers coverage form form includes what three coverages?
•liability
•trailer interchange(damage to cxs trailer)
•physical damage
Truckers coverage form uses what two numerical symbols to determine which vehicles are covered?
Symbol 48 & Symbol 49
What is symbol 48?
Trailers borrowed or leased by the named insured for which liability for loss has been assumed under a written. Trailer interchange agreement
What is Symbol 49?
Trailers owned or hired by the named insured while the trailers are in someone else’s possession under a written trailer interchange agreement
What is the trailer interchange coverage?
Covered damage to a nonowned trailer and is a written interchange agreement
What is the trailer interchange coverage?
Covered damage to a nonowned trailer and is a written interchange agreement
