Commercial Auto Overview
What is a monoline policy?
Symbol 1 - This provides the best protection for the insured, and is ordinarily used for liability coverage only.
What is Any Auto?
BACF liability coverage is subject to this limit of insurance.
What is a combined single limit?
Under the BACF, the insured may choose from three basic physical damage coverages - collision, comprehensive, and this.
What is specified causes of loss coverage?
The insurer has three options with regard to damaged to stolen property: pay to repair or replace the property, return the property at the expense of the insurer and repair any damage caused by theft, and this.
What is keep all of the property and pay an agreed or appraised value?
An employer's liability for its employees' operation of their autos in the employer's business.
What is Employer's nonownership liability?
Symbol 5 - This symbol provides PIP coverage only for those autos that are required by law to have it.
What is Owned Autos Subject to No-Fault?
This exclusion helps to define the scope of coverage for accidents that occur during the loading or unloading of autos.
What is The Handling of Property Exclusion?
The BACF physical damage section excludes this, which the form defines as "the actual or perceived loss in market value"
What is diminution of value?
The condition where, during the policy term, if the insurer revises the BACF to provide more coverage at no increase in premium, the insured's policy will provide that additional coverage automatically as of the date the revision becomes effective in the insured's state.
What is Liberalization?
Coverage for damage to customer's autos left in the named insured's care while the insured is attending, servicing, repairing, parking, or storing them.
What is Garagekeeper's coverage?
Symbol 9 - This includes only those autos that the named insured does not own, lease, hire, rent, or borrow that are used in connection with the named insured's business.
What is Nonowned Autos Only?
There are three duties in the BACF insuring agreement: duty to pay damages, duty to defend, and this duty.
What is the Duty to pay "Covered Pollution Cost or Expense"?
The Transportation Expenses coverage extension only applies if the auto is this.
What is the auto is of the private passenger type and is stolen?
This condition attempts to preserve the insurer's subrogation rights by stating that the insurer does not recognize any assignment of coverage or any other grant of coverage to any person or organization that holds, stores, or transports property for a fee.
What is the No Benefit to Bailee condition?
A policy that covers two or more lines of business by combining ISO's commercial lines coverage parts.
What is a Commercial Package Policy (CPP)?
Symbol 6 - This symbol is used only for uninsured motorists coverage.
What is Owned Autos Subject to a Compulsory Uninsured Motorists Law?
BACF auo liability coverage is subject to three exclusions related to employee injuries: The Workers Compensation exclusion, The Employers Liability exclusion, and this.
What is The Fellow Employee exclusion?
The most the insurer will pay for a physical damage loss is the lesser of the actual cash value of the property at the time of loss, and this.
What is the cost of repairing or replacing the property with other property of like kind or quality?
The first five conditions, or loss conditions, of the BACF include Appraisal for Physical Damage Losses; Duties in the Event of an Accident, Claim, Suit or Loss; Legal Action Against the Insurer; Loss Payment - PD Coverages, and this.
What is Transfer of Rights Against Others?
Anyone who could suffer injury in an auto accident - either while occupying an auto or as a pedestrian - has this type of exposure.
What is a personal loss exposure?
Symbol 8 - This provides coverage for autos leased, rented, hired, or borrowed by the named insured.
What is Hired Autos Only?
The BACF liability provisions include coverage extensions for supplementary payments and for increased protection in this situation.
What is while a covered auto is out of the state in which it is licensed?
The deductible applicable to comprehensive coverage does not apply to loss in these two scenarios.
What are fire and lightning?
The coverage territory of the BACF includes these geographical areas.
What are the United States, its territories and possessions, Puerto Rico and Canada?