Auto Symbols
Owned autos only.
What is Symbol 2?
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What is First Named Insured?
| An insurance or reinsurance company that insures or "carries" the insurance or reinsurance. |
What is a Carrier?
| Method of establishing the value of insured property to determine the amount the insurer will pay in the event of loss. Typically calculated one of three ways: (1) the cost to repair or replace the damaged property, minus depreciation; (2) the damaged property's "fair market value"; or (3) using the "broad evidence rule," which calls for considering all relevant evidence of the value of the damaged property. |
What is ACV Actual Cash Value?
| The rating system developed and published annually that indicates the financial condition of insurers. The ratings resemble grades on a report card and range from A++ (Superior) through C+ (Marginal) and all the way down to D (Poor), E (Under Regulatory Supervision), F (In Liquidation), and S (Rating Suspended). |
Any auto
What is symbol 1?
| Autos used for transporting property other than those autos defined as service or retail. |
What is Commercial Class?
| Liability insurance term that includes bodily harm, sickness, or disease, including resulting death. |
What is Bodily Injury?
| A person or organization not automatically included as an insured under an insurance policy who is included or added as an insured at the request of the named insured. |
What is Additional Insured?
| Automobile insurance coverage that insures against damage to the insured's own vehicle. Coverage is provided for perils such as collision, vandalism, fire, and theft. |
What is Auto Physical Damage Insurance?
Hired autos only
What is symbol 8?
| Refers to autos the named insured leases, hires, rents, or borrows. As respects both the business auto and the garage policy, the term does not include any auto the named insured leases, hires, rents, or borrows from any of its employees, partners, limited liability members, or members of their households. |
What is Hired Auto?
| Occurs when two or more vehicle limits can be added together to apply to a single occurrence. |
What is Stacking?
| States a single dollar limit that applies to any combination of bodily injury and property damage liability claims. |
What is Combined Single Limits?
| Occurs when two or more vehicle limits can be added together to apply to a single occurrence. |
Non-Owned autos only
What is symbol 9?
| Three separate dollar amounts that apply to each accident: per person limit, per occurrence limit for all injured persons, and per occurrence limit for all property damage resulting from the accident. |
What is Split Liability Limits?
| The assignment to an insurer by terms of the policy or by law, after payment of a loss, of the rights of the insured to recover the amount of the loss from one legally liable for it. |
What is Subrogation?
| Insurance that protects the insured against financial loss because of legal liability for automobile-related injuries to others or damage to their property by an auto. |
What is Auto Liability Insurance?
| Optional coverage under an auto policy to pay for medical expenses for an insured who sustains bodily injury (BI) caused by an auto accident, without regard to fault. Coverage for persons other than the named insured and his or her family members is typically restricted to circumstances when they are occupants of the insured auto. |
What are Medical Payments - Auto?
Specifically described autos
What is symbol 7?
| Provides nonowned auto coverage under a commercial auto policy similar to that which would be provided under a personal auto policy. commonly used when an executive officer, for example, does not carry personal auto insurance because he or she is furnished a company auto. Coverage under the endorsement would come into play in the event the individual designated in the endorsement (including his or her resident spouse) is driving a nonowned auto for personal use. |
What is Drive Other Car Endorsement?
| Broadens physical damage coverage provided to employees of the named insured who hire or rent cars in their own names for work purposes. |
What is Employee Hired Auto Endorsement?
| The area or areas where a company conducts its business. |
What is Radius of Operations?
| An agreement between two parties in which one party agrees to waive subrogation rights against another in the event of a loss. The intent of the waiver is to prevent one party's insurer from pursuing subrogation against the other party. Generally, insurance policies do not bar coverage if an insured waives subrogation against a third party before a loss. |
What is Waiver of Subrogation?