How many symbols are in a commercial auto policy?

How many symbols are in a commercial auto policy?

The numbers indicate which autos are “covered autos” for that coverage. The covered auto designation symbols include the numbers 1 through 9 and 19. 2 Their meanings are explained on page 1 of the BACF. Of the 10 available symbols, symbol 1 affords the broadest coverage.

What is symbol 9 on a commercial auto policy?

Symbol 9 provides coverage for non-owned autos that the insured does NOT rent or hire. This is typically used to cover the exposure of employees using their personal vehicles for company business. Symbol 9 usually applies only to liability coverage.

What are coverage symbols?

Let’s take a look at each coverage symbol:

  • Symbol 1 – Any Auto.
  • Symbol 2 – Owned Autos Only.
  • Symbol 3 – Owned Private Passenger Vehicles.
  • Symbol 4 – Owned Autos, Not Private Passenger.
  • Symbol 5 – Owned Autos – PIP Coverage.
  • Symbol 6 – Owned Autos – Uninsured Motorist Coverage.
  • Symbol 7 – Specified Auto Coverage.

What is not a use of auto symbols in the commercial auto policy?

This symbol covers only those “autos” that an insured leases, hires, rents, or borrows. HOWEVER, it does NOT include “autos” leased, hired, rented, or borrowed from an employee, partner, or member of an insured’s household.

What is symbol 10 on a commercial auto policy?

Symbols 10 (business auto), 32 (garage), 51 and 52 (truckers), and 72 and 73 (motor carrier) are custom symbols, available through the use of the covered autos designation symbol endorsement (CA 99 54), which allows the insurer and named insured to agree to some modified wording that is a better fit in defining the …

What is symbol 19 on a commercial auto policy?

Basically, symbol 19 (mobile equipment subject to a motor vehicle insurance law) is needed for the (usually small) contractor whose auto insurer uses symbol 7 (specifically described autos), symbol 8 (hired autos only), and symbol 9 (nonowned autos only) to afford liability coverage.

What does symbol 1 mean on an auto policy?

“Symbol 1: Any Auto” Symbol 1 makes any auto a covered auto. The insured will have coverage for any auto that is owned, hired, borrowed, or used by the named insured. When symbol 1 is used, there is no need to indicate any other coverage symbol because symbol 1 encompasses all of them.

What is the use of symbol 7?

Agents Need to Cover Their Exposures by Offering Hired Non-Owned Auto Coverage. Risk managers, insurance agents and brokers have always known that a Symbol 7 on auto liability policies is not very desirable. This symbol essentially means that only the autos scheduled on the policy are covered.

What is symbol 21 on a garage policy?

Provides coverage for owned private passenger autos only and includes automatic coverage for private passenger autos the insured newly acquires. It can be used for dealers and non- dealers to provide uninsured motorist’s insurance and physical damage coverages.

What does symbol 2 mean in a business auto policy?

2 = Covers any “auto” owned by the insured, including those attained after the policy begins. It also applies to trailers used with owned vehicles. ( OWNED AUTOS ONLY) 3 = Covers only private passenger “autos” owned by the insured. (

What is symbol 10 on an auto policy?

What is symbol 22 on a garage policy?

The symbols indicate the automobiles to which each coverage applies. Damage to customer’s autos is provided by using symbol 30, Garage Keepers Insurance. 22 – All Owned Autos. Provides coverage for owned autos only and includes automatic coverage for autos the insured newly acquires.