Information about car, auto, motor and lorry insurance
Commercieel fleet Insurance deals with company cars, varying from normal cars until large lorries.There are two driving situations that the company BAP or Business Auto Coverage Form usually won’t provide liability coverage for : when you borrow or rent vehicles for personal use and when you injure a coworker riding with you in the company car.
Most employers are unaware of the flaws in the Business Auto Policy. It means your employees are liable for these damages and should be informed by you or you should get extra coverage for these flaws.
Commercial Fleet Insurance
BUSINESS AUTO COVERAGE FORM type of COMMERCIAL FORM that provides coverage for business vehicles regardless of whether they are owned, leased, hired, or borrowed. The form's coverages are divided into the following sections:
1. Section I-covers vehicles that are identified according to anyone of nine symbols:
A. Symbol #I-any vehicle
B. Symbol #2-owned vehicle only
C. Symbol #3-owned private passenger vehicles only
D. Symbol #4--0wned vehicles other than private passenger vehicles e,
E. Symbol #5-owned vehicles subject to no-fault insurance
F. Symbol #6--owned vehicle subject to compulsory uninsured motorists laws
G. Symbol #7-specifically described vehicles (only those listed are covered)
H. Symbol #8-hired vehicles only
I. Symbol #9-non-owned vehicles only
Through the above forms, the business may select only the coverages desired, thereby minimizing its insurance costs. For example, if the business desired the most comprehensive coverage, symbol #1 would be selected,
2. Section II-liability coverage in the event the business' negligent acts and/or omissions result in bodily injury or property damage to a THIRD PARTY as the result of operating a vehicle.
3. Section III-physical damage coverage for property damage to the business' covered vehicles under three classifications:
A.Comprehensive-pays for all physical damage to the business' vehicles regardless of cause with the exception of collision with another object or in the event the vehicle overturns.
B. Specified causes of loss coverage-pays for physical damage to the business' vehicle only resulting from fire, lightning, explosion, theft, windstorm, hail, earthquake, flood, mischief, or vandalism; or sinking, burning, collision, or derailment of any conveyance transporting the business' vehicle.
C. Collision-pays for physical damage to the business' vehicle resulting from contact with another object.
4. Section IV-conditions that describe the insured business and the insurance company's obligations if a loss should occur.
5. Section V-definitions discussing the critical terms in the vehicle form such as the meanings of accident, insured, vehicle, or suit. (source : Dictionay of Insurance Terms by Harvey W. Rubin)