INSURANCE NEWS & INSIGHTS

Business Auto policies may use numerical coverage symbols identifying which vehicles are insured for specific coverages. Examples commonly include: Symbol 1 — Any Auto Symbol 2 — Owned Autos Only Symbol 7 — Specifically Described Autos Symbol 8 — Hired Autos Symbol 9 — Non-Owned Autos The symbols shown on the declarations page are important.…

Businesses are frequently asked to provide a Certificate of Insurance showing Commercial Auto coverage. A customer or general contractor may request: $1,000,000 Auto Liability The Certificate is evidence of insurance. It does not replace the actual policy.

A customer, landlord, general contractor, project owner, or leasing company may request Additional Insured status. Do not assume that placing a name on a Certificate automatically creates Additional Insured coverage. The actual Commercial Auto policy or applicable endorsement controls.

Contracts may require a Waiver of Subrogation on Commercial Auto. This affects certain recovery rights of the insurance company after a claim. The requirement should be reviewed before the contract is signed because it may require an endorsement and additional premium.

A Commercial Umbrella policy may provide additional liability limits over Commercial Auto. For example: Commercial Auto $1,000,000 liability plus: Commercial Umbrella $2,000,000 may provide additional protection for qualifying catastrophic claims. Umbrella insurers normally require specified underlying Commercial Auto limits.

If an employee is injured while driving a company vehicle during work, more than one insurance coverage may become relevant. Workers' Compensation May address qualifying employee occupational injuries. Commercial Auto May address automobile liability, vehicle physical damage, and other applicable auto coverages. The policies serve different purposes. Commercial Auto does not replace Workers' Compensation.

Commercial Auto Physical Damage generally protects the insured vehicle itself. Do not assume it automatically protects: Tools Equipment Materials Customer property Contractor equipment Contractors may need: Inland Marine / Tools & Equipment Coverage for tools and mobile equipment.

The Illinois Secretary of State states that trailers are not themselves required to maintain liability insurance under the ordinary Mandatory Insurance Law. However, trailers still need to be properly disclosed to your insurer. Depending on the policy, you may need coverage for: Trailer physical damage Liability arising from use Equipment carried on the trailer

Do not wait until renewal to tell your insurance company about a newly purchased business vehicle. Provide: Year Make Model VIN Purchase date Vehicle cost Garaging address Vehicle use Driver Financing or leasing information Some policies provide limited automatic newly acquired auto coverage, but the terms and notification periods vary. Never assume a vehicle is…

Tell your insurance agent when a business vehicle is: Sold Traded Replaced Totaled Returned to a leasing company Keeping incorrect vehicles on the policy can cause billing and insurance-verification problems.