Business Auto Coverage Form

Definition of "Business auto coverage form"

Mark Cobb real estate agent

Written by

Mark Cobbelite badge icon

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.

Need help as a:

I'm interested to:


I work in:

Reach out to the local professionals for help
I agree to receive FREE real estate advice.

Agents, get listed in your area. Sign up Now!

Here's what you'll get:

1. Full zipcodes coverage for the city of your choice for 3 months

2. The ability to reach a wider audience

3. No annual contract and no hidden fees

4. Live customer support/No robo calls

$75 - Any City - 3 Months Coverage
loader gif

Please wait ...

I agree to receive FREE real estate advice
I agree with Terms & Conditions and Section 5-5.9.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.


Popular Insurance Terms

Company that has a capital fund established by contributions from its stockholders in addition to its surplus accounts and reserve accounts. ...

Premium required by an insurance company for plans subject to premium adjustment. The initial provisional premium is paid to put a commercial property or liability insurance policy into ...

Part of the business risk exclusion in general liability insurance that denies coverage for subsequent claims if a defective product is not recalled by an insured. For example, if a ...

Form of inland marine insurance under which an insured is indemnified for damage or destruction of his or her on-premises property if it is due to radioactive material stored or used within ...

Term used in the reinsuring of disability income insurance policies in that, after an extended period of time expires (in addition to the elimination period found in the disability income ...

Insurance company that puts together a consortium of insurance and reinsurance companies to provide an adequate financial base with sufficient underwriting capacity to insure large risks. ...

Offer made by the insurance company to insure an applicant, provided the applicant is insurable according to the underwriting standards of the company, and the applicant accepts the offer ...

Cost per unit of insurance. ...

Life insurance under which an insured receives the face value of a policy if the individual survives the endowment period. If the insured does not survive, a beneficiary receives the face ...

Popular Insurance Questions