Your limitations and coverage certainly relate to “symbols” pertaining to your Autos if you’ve ever studied your Commercial Car insurance policy. And you aren’t the only one who has undoubtedly had a moment of confusion while attempting to comprehend what this implies and whether it is even necessary?
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Meaning of the Symbols
Thus, the declarations next to each coverage you’ve acquired in a business auto policy should list one or more covered auto symbols. These numbers indicate which vehicles are “covered autos” for that coverage. The symbols used for car designation include the numerals 1 through 9 and 19.2.. Page 1 of the BACF provides an explanation of their meanings.
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Symbol 1
The first of the 10 accessible symbols offers the most comprehensive coverage.
Symbol 1 activates auto liability coverage only when using any vehicle for business purposes, whether owned by the named insured or by someone else, such as an employee. You cannot initiate any other type of coverage with Symbol 1. Symbol 1 includes vehicles you purchase during the term of the coverage. Before your insurance ends, you are not need to notify your insurer of any newly acquired vehicles.
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When symbol 1 indicates liability coverage in the declarations, it extends protection to the named insured against lawsuits arising from incidents involving any vehicle used for business purposes. This ensures coverage against claims from using privately owned, rented, or other vehicles for business. While employees possess liability insurance, it does not offer them comprehensive protection. The Business Auto Coverage Form (BACF) automatically covers anyone permitted to operate a vehicle that you own or hire, protecting them against liability. However, as the policy considers these vehicles as non-owned autos, it does not provide insurance coverage to these individuals when they operate such vehicles.
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Symbol 2, 3, and 4.
Liability or physical damage coverage can be activated with symbols 2, 3, and 4. Using symbol 2 will start insurance for all of your vehicles, including both private passenger cars and business vehicles (trucks). Only private passenger cars are designated by symbol 3 and only commercial vehicles are covered by symbol 4, respectively.
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These all provide automatic coverage for any vehicles you buy during the term of the insurance.
Your liability insurance will immediately cover any trailer attached to a car or truck that you own and that bears the symbols 2 or 4.
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Symbol 5 and 6
When the law mandates such coverage, Symbol 5 provides no-fault coverage for the vehicles you own. Twelve states and Puerto Rico have no-fault vehicle insurance regulations. For personal vehicles, activate uninsured motorist coverage with symbol 6. In states where declining UM coverage is forbidden, this symbol is used to compel purchasing it.
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Symbol 7
In contrast, symbol 7 covers the cars specified in the declarations and any trailer attached to a vehicle listed in the declarations that you do not own. It does not cover other vehicles. Symbol 7 does not cover newly purchased automobiles for the whole policy period; rather, it does so for 30 days from the date of purchase. You must notify your insurer of the new vehicle during the first 30 days if you want to extend your auto insurance coverage. Additionally, the relevant premium must be paid. 5
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If you add a new car to your fleet, the same policy that covers all of your vehicles will also cover the new vehicle, applying the same coverages. Consider the scenario when your company owns six private passenger vehicles that are all covered by a business auto policy. Your company buys a pickup truck three months into the policy’s term. The same liability, comprehensive, and collision insurance will cover the pickup as the other six vehicles. The truck will only have liability coverage if all automobiles are insured, but only three have coverage for physical damage.
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What happens if you purchase a brand-new car to replace one that you just sold or that was “totaled” in an accident? The same coverages that applied to the previous car will be provided for the new vehicle in this situation.
If you buy a new car and any coverages in the declarations have symbol 7 next to them, make sure to notify your insurer of the purchase within 30 days. If you don’t, your coverage for that car will expire after 30 days.
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Symbol 8
Moreover, rental cars are indicated with symbol 8 ,vehicles that you hire, rent, lease, or borrow fall under this category. Additionally, if you are a limited liability company, Symbol 8 does not apply to any vehicles that you hire, rent, lease, or borrow from any of your partners, employees, or members, or any members of their families. Hired cars can be insured for liability or physical damage using symbol 8.
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Symbol 9
Symbol 9 represents liability coverage for non-owned vehicles. These are vehicles that businesses use but do not own, hire, rent, lease, or borrow. Examples include vehicles owned by employees or business partners that the business uses.
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Symbol 19
The financial duty or mandatory law also applies to the mobile equipment marked with symbol 19.In basic business vehicle coverage, the law requires that pieces of mobile equipment, such as bulldozers or forklifts, have liability insurance when they drive on public roads, thereby classifying them as autos. Thus this requirement is rare. Signs like 1, 2, or 4, which activate coverage for the commercial vehicles you own, can cover these vehicles because they qualify as autos.
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If you purchase mobile equipment during the policy period and discover that the vehicle requires liability insurance, but none of the currently used symbols on your policy are suitable, you may use symbol 19. However, consider buying a commercial auto policy that only covers rented and non-owned vehicles. You purchase a forklift two months after your insurance starts. If you wish to use a forklift on a public road in your state, you must have liability insurance. Owned vehicles are not covered by symbols 8 and 9, so symbol 19 can be added to include the forklift.
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