Unit Seventeen Commercial Auto Insurance

Question 1

How can the Commercial Auto Policy be written as?

Answer 1

A monoline policy or can be included in the commercial package policy (CPP)

Question 2

What elements does must a Commercial Auto Policy contain?

Answer 2

•declarations
•conditions
•1 to 5 separate coverage forms and appropriate declarations form

Question 3

What is a business auto coverage form used for?

Answer 3

To insure the private passenger and commercial auto exposures of all businesses other than garages, truckers, and motor carriers.

Question 4

What does the business auto coverage form include?

Answer 4

•liability coverage
•physical damage coverage

Question 5

Who is insured?

Answer 5

•Named
•Employees

Question 6

What is Out of State Coverage Extensions?

Answer 6

Increases limits if necessary to meet another states financial responsibility requirements

Question 7

Where is the coverage territory?

Answer 7

•United States and its territories and possessions, Puerto Rico, and Canada
•Worldwide if nonowned
•Mist be sued in US Puerto Rico and Canada

Question 8

What is legal action against insurer?

Answer 8

No legal action unless insured complied with all terms

Question 9

What does the other insurance condition state?

Answer 9

•Primary-owned
•Excess-nonowned

Question 10

What does two or more by same insurer mean?

Answer 10

Amount paid limited to highest single policy limit

Question 11

What would be eligible for the garage coverage form?

Answer 11

•Auto dealers
•Truck dealers
•Motorcycle dealers
•Commercial trailer dealers
•Recreational vehicle dealers

Question 12

What are the 2 garage form symbols?

Answer 12

•Symbol 30
•Symbol 31

Question 13

What is garage form Symbol 30?

Answer 13

Customers’ autos left with the insured for service, repair, storage, or safekeeping

Question 14

What is garage form Symbol 31?

Answer 14

Physical damage coverage only for the dealers’ autos, including owned autos on consignment

Question 15

With the garage coverage form covering both auto and business what does that mean?

Answer 15

It covers auto liability and garage liability-slip and fall

Question 16

What does garagekeepers insurance cover?

Answer 16

Damage to customers’ property that the insured has for servicing, repair, parking, or storage.

Question 17

What does garage physical damage coverage offer?

Answer 17

•collision
•comprehensive
•specified perils

Question 18

What is the truckers coverage form?

Answer 18

A modified version of the business auto coverage form that takes into consideration the special practices and regulations that apply to the trucking industry.

Question 19

The truckers coverage form form includes what three coverages?

Answer 19

•liability
•trailer interchange(damage to cxs trailer)
•physical damage

Question 20

Truckers coverage form uses what two numerical symbols to determine which vehicles are covered?

Answer 20

Symbol 48 & Symbol 49

Question 21

What is symbol 48?

Answer 21

Trailers borrowed or leased by the named insured for which liability for loss has been assumed under a written. Trailer interchange agreement

Question 22

What is Symbol 49?

Answer 22

Trailers owned or hired by the named insured while the trailers are in someone else’s possession under a written trailer interchange agreement

Question 23

What is the trailer interchange coverage?

Answer 23

Covered damage to a nonowned trailer and is a written interchange agreement

Question 24

What is the trailer interchange coverage?

Answer 24

Covered damage to a nonowned trailer and is a written interchange agreement

Question 25

What is the motor carrier coverage form?

Answer 25

Insured hauling any goods in own trucks and can include trailer interchange

Question 26

What the Bobtail endorsement provide?

Answer 26

Coverage for non-trucking use when the truck-tractor is not being used to haul or carry a trailer for others

Question 27

When the mobile equipment endorsement is attached what is the mobile equipment considered?

Answer 27

Covered Auto