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Business Auto Insurance Basic Concept - PowerPoint PPT Presentation


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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.

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Presentation Transcript
basic concept
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

auto coverage symbols
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
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
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
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
Who Is An Insured ?
  • 1. Named Insured
  • 2. Permitted Users
  • 3. Anyone Vicariously Liable For Others
who is not insured
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
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
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
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
Physical Damage Exclusions
  • Catastrophic Perils
  • “Maintenance” Losses
  • Electronic Equipment
  • Racing
  • Diminution in Value
limit of insurance
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
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
Additional Coverages & Endorsements
  • Uninsured/Underinsured Motorist
  • Personal Injury Protection
  • Auto Medical Payments
  • Individual Named Insured Endorsement
  • Drive Other Car Coverage
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