Garage 101
The Garage Dealers Symbol for Any Auto.
What is 21?
These are the two types of contingent physical damage coverage forms that can be purchased with Paige-Ruane.
What is LCPD (Lessor's Contingent Physical Damge) or VSI (Vendor's Single Interest)?
This coverage form would pay for damage to the insured's own vehicle if it were damage by hail.
What is physical damage comprehensive coverage?
These two costs are amended to a set percentage, by endorsement, for both garagekeepers &/or physical damage to match usual & custom rates in the insured's local area for dealer's repair & replacement costs.
What are parts and labor?
Also referred to as OEM.
This is when Garagekeepers coverage applies without regard to your or any other "insured's" legal liability for loss to a customer's auto.
What is Direct Primary Coverage?
The limit an insured would require their customer to carry if hauling hazmat materials.
What is $5,000,000?
This coverage form would pay in the event a customer walked into the showroom and a ceiling tile fell down and hit them in the head.
What is the Garage General Liability (Bodily Injury) Coverage?
The endorsement prohibits your insurance carrier from recovering any money paid on a claim from a negligent third party.
What is a waiver of subrogation?
The term used for a single limit of insurance that applies over more than one location or more than one category of coverage or both.
Blanket limit
This is an employee classification that includes all executive officers, managers or employees who are provided a company vehicle or drive as part of their position.
What is Class 1A?
This is the current limit available for towing & storage on a typical Paige-Ruane VSI policy.
What is $2,500?
This coverage form would pay if the customer's garage bay door was damaged during an after hours break-in that was discovered the next business day.
What is the Property Coverage form?
This endorsement will provide coverage to the insured for property damage to work you performed if the property damage results from any part of the work itself or from the parts, materials or equipment used in connection with the work.
What is the faulty work or work your performed endorsement?
This is a convention held annually for all franchise truck dealerships to meet vendors, attend OEM classes, hear speakers, and attend Shepherd sponsored events.
What is ATD?
The term used for the difference between the total incurred losses and the total premium paid.
What is the Loss Ratio?
This states that the owner of a vehicle that rents or leases a vehicle to a person cannot be liable, by law, for any harm that person causes out of the use, operations or possession of the vehicle during the lease/rental period.
What is the Graves Amendment?
This coverage form would pay if the customer's brakes failed after they were in for service, causing him to collide with another vehicle on the highway.
What is Garage Completed Ops Liability?
This is a convention held annually for all franchise truck dealerships to meet vendors, attend OEM classes, hear speakers, and attend Shepherd sponsored events.
What is ATD?
The loss multiplied by the ratio of what the insured did insure to the amount they were required to insured (did/should). Typically expressed as a percentage and will penalize an insured's loss if the limit of insurance purchased is not equal to or greater than the specified percentage.
What is coinsurance?
Two ways to write a garage liability policy-both of which grant the insured's customer a certain level of liability protection specifically when the customer is taking a unit owned by the insured out for a test drive.
What is Limited and Unlimited?
This is when dealership supplies a unit to customer whom they know, or have reason to know, to be inexperienced, or otherwise, to use it in a manner involving an unreasonable risk of physical harm to themselves or others where the dealership could be subject to liability for physical harm resulting in the customer's use of the unit.
What is Negligent Entrustment?
This coverage would pay if your insured's customer had primary insurance that was collectible but was not sufficient to pay for an automobile accident they caused in a unit they leased from your insured.
What is Contingent Excess Liability?
Loss caused by someone causing you to part with your property or auto by any fraudulent, trickery or scheme.
What is False Pretense Coverage?
An insurance provision stating that the most an insured can collect for a property loss at a location is a specified percentage of those values reported for that location on the insured's statement of values.
What is a Marginal Clause?