Business Auto Coverage Form

Definition of "Business auto coverage form"

Written by

Mark Cobb

Charles Rutenberg Realty

Type of commercial form that provides coverage for business vehicles regardless of whether they are owned, leased, hired, or borrowed. The form's coverages are divided into the following sections:

1. Section I covers vehicles that are identified according to any one of nine symbols: a. Symbol #1 any vehicle; b. Symbol #2 owned vehicle only; c. Symbol #3 owned private passenger vehicles only; d. Symbol #4 owned vehicles other than private passenger vehicles; e. Symbol #5 owned vehicles subject to no-fault insurance; f. Symbol #6 owned vehicle subject to compulsory uninsured motorists laws; g. Symbol #7 specifically described vehicles (only those listed are covered); h. Symbol #8 hired vehicles only; i. Symbol #9 non-owned vehicles only. Through the above forms, the business may select only the coverages desired, thereby minimizing its insurance costs. For example, if the business desired the most comprehensive coverage, symbol #1 would be selected.
2. Section II liability coverage in the event the business' negligent acts and/or omissions result in bodily injury or property damage to a THIRD PARTY as the result of operating a vehicle.
3. 3. Section III physical damage coverage for property damage to the business' covered vehicles under three classifications: Comprehensive pays for all physical damage to the business' vehicles regardless of cause with the exception of collision with another object or in the event the vehicle overturns; Specified causes of loss coverage pays for physical damage to the business' vehicle only resulting from fire, lightning, explosion, theft, windstorm, hail, earthquake, flood, mischief, or vandalism; or sinking, burning, collision, or derailment of any conveyance transporting the business' vehicle; Collision pays for physical damage to the business' vehicle resulting from contact with another object.
4. Section IV conditions that describe the insured business and the insurance company's obligations if a loss should occur.
5. Section V definitions discussing the critical terms in the vehicle form such as the meanings of accident, insured, vehicle, or suit.

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