Download
1 / 17

Business Auto Insurance Basic Concept - PowerPoint PPT Presentation


  • 474 Views
  • Updated On :

Business Auto Insurance. Basic Concept. The Business Auto Policy Addresses: 1. Liability – Bodily Injury and Property Damage that you cause to other people while using your auto 2. Physical Damage – Repairs to your auto resulting from an auto accident. 4.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Business Auto Insurance Basic Concept' - Sharon_Dale


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

Basic concept l.jpg
Basic Concept

  • The Business Auto Policy Addresses:

    1. Liability – Bodily Injury and Property Damage that you cause to other people while using your auto

    2. Physical Damage – Repairs to your auto resulting from an auto accident


Slide4 l.jpg
4


Auto coverage symbols l.jpg
Auto Coverage “Symbols”

  • 1. Any auto

  • 2. Owned Autos

  • 3. Owned Private Passenger

  • 4. Owned-Other Than Private Passenger

  • 5. Owned –Subject to No-Fault

  • 6. Owned-Subj.to Uninsured Motorist. Law

  • 7. Specifically Described Autos

  • 8. Hired Autos Only

  • 9. Nonowned Autos Only


Auto coverages l.jpg
Auto Coverages

  • 1. Liability

  • 2. Personal Injury Protection

  • 3. Added “PIP” Protection

  • 4. Property Protection (Michigan Only)

  • 5. Auto Medical Payments

  • 6. Uninsured Motorists Protection

  • 7. Underinsured Motorist Protection

  • 8. Comprehensive Physical Damage

  • 9. Specified Causes of Loss

  • 10. Collision Physical Damage

  • 11. Towing & Labor


Coverage extensions l.jpg
Coverage Extensions

  • Trailer…

    “owned” includes any trailer you don’t own but is pulled with an owned auto

    “Specifically Described” includes small trailers even if not listed

  • Mobile Equipment

    While being transported only

  • Substitute Autos

    Temporary autos covered for liability only


Auto liability agreement l.jpg
Auto Liability Agreement…

  • The Insurance Company Will Pay…

    1. Damages (If you’re legally liable)

    2. Covered Pollution Expenses

    (Very Limited)

    3. Defense Costs


Who is an insured l.jpg
Who Is An Insured ?

  • 1. Named Insured

  • 2. Permitted Users

  • 3. Anyone Vicariously Liable For Others


Who is not insured l.jpg
Who Is Not Insured ?

  • Anyone from whom an auto is hired or borrowed, except the owner of a trailer pulled by an insured vehicle.

  • Employees while using their own cars in the insureds business (Can be added)

  • Anyone in an “auto related” business (service stations, repair shops, dealers)

  • “Voluntary” Loaders & Unloaders


Other coverage extensions l.jpg
Other Coverage Extensions

  • Supplementary Payments

    1. Insurance company’s expenses

    2. Bail Bonds ($2,000 limit)

    3. Release From Attachment Bonds

    4. Incidental Reimbursement -$250/day

    5. “Taxed” Costs

    6. Judgment Interest

  • Out of State “Automatic Limits Increase”


Auto exclusions l.jpg

Intended Injury

Work Comp

Fellow Employee

Care, Custody, Control

Handling Property

Movement of Property/Mechanical Device

Pollution

Operations w/ Attached Equipment

Completed Operations

Contractual Liability

War

Racing

Auto Exclusions


Physical damage insurance l.jpg
Physical Damage Insurance

  • Damage to Your Auto

    1. Collision

    2. Comprehensive

    3. Specified Causes of Loss

    4. Towing & Labor

    5. Transportation Expenses

    6. Loss Of Use Expenses

    (Rental Reimbursement Coverage)

    7. Loss Of Use by Rental Company


Physical damage exclusions l.jpg
Physical Damage Exclusions

  • Catastrophic Perils

  • “Maintenance” Losses

  • Electronic Equipment

  • Racing

  • Diminution in Value


Limit of insurance l.jpg
Limit of Insurance

  • “ACV”

    a. Actual cash value at time of loss

    b. The cost of repairing or replacing

  • Stated Amount Valuation

    a. The actual cash value

    b. The cost of repairing or replacing

    c. The amount stated in the schedule


When there is other insurance l.jpg
When There Is “Other Insurance”

  • Power Units

    Primary if we own it; excess if we don’t

  • Trailers

    Primary if pulled by us; excess if not

  • Hired Auto Physical Damage-Primary

  • Contractual Liability-Primary

  • Two Policies Covering On Same Basis

    In proportion per limits of each policy


Additional coverages endorsements l.jpg
Additional Coverages & Endorsements

  • Uninsured/Underinsured Motorist

  • Personal Injury Protection

  • Auto Medical Payments

  • Individual Named Insured Endorsement

  • Drive Other Car Coverage


ad