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* Bodily Injury – Automobile Insurance Bodily injury liability coverage pays for damages you, or your business, are legally liable liable for resulting from injuries or death to others related to the ownership or operation of of covered vehicles. Medical expenses, loss wages, and court cost are among the types of expenses expenses covered through bodily injury coverage.
Care, custody and control is a phrase used in liability insurance policies to eliminate coverage coverage for damage or destruction to property under the care, custody, and control of of an insured. Coverage for property in your care, custody or control is excluded because the insured either either has some ownership interest in the property or is a bailor of the property.
In these situations it is not that you can not insure these exposures, but they are simply more correctly insured separately under other forms. Property that you have an ownership interest in is normally insured through a property insurance policy. Property you are a bailor for is normally insured through a bailee policy.
Collision coverage pays for damage to your covered vehicle caused by a collision with another object (other than an animal) that you are responsible for, less the deductible amount.
* Combined Single Limits vs. Split Limits Liability insurance limits for Bodily Injury and Property Damage coverage may be purchased m either under a single limit for both, or a separate (split) limit for each.
Example: Combined single limit may be $500,000.00 for both Bodily Injury and Property Damage.
You are liable for an accident causing $300,000 of medical bills and $200,000 of property damage. Since the combined damages are equal or less than the combined single limit of $500,000, your insurance pays all the bills.
Split Limits may be $250,000 per person and $500,000 per occurrence for Bodily Injury and $100,000 per accident for Property Damage.
You cause the same accident. If the $300,000 in medical bills are for a single person, your insurance will only pay $250,000. Since you have only $100,000 in Property Damage, $100,000 is the amount your insurance company will pay.
* Comprehensive Physical Damage – Automobile Insurance
Comprehensive insurance pays you for damage to your own car from causes other than collision - that is your running into something - or overturning.
Comprehensive physical damage pays for loss due to… * flood * falling objects * vandalism/malicious mischief * theft * missiles * riot or civil commotion * hail * explosions * collision with a bird or an animal · fire * fire * earthquakes * glass breakage * windstorm Comprehensive physical damage does not pay for collision and normal wear and tear. * Deductibles Explained Many insurance coverages are written with a deductible A deductible is the amount of loss the insured pays in a claim before the insurance company makes any payment. The purpose of a deductible is to discourage small claims that the insured can manage as a normal cost of doing business.
The larger the deductible an insured accepts, the lower the premium charge. * Garage Coverage Explained Garage insurance combines the business automobile coverage and general liability coverage into into a single policy. As a result the garage policy provides coverage for.. * Automobile * Premises and operations * Contractual * Products and completed operations
The benefit is having a single insurance company and common limits to eliminate questions over which policy pays a claim.
The Garage policy does not automatically provide coverage for Personal Injury or Advertising Liability. These can be added by endorsement.
The Broadened Coverage - Garages endorsement adds coverage for…
* Personal and advertising injury * Host liquor liability * Fire legal liability * Incidental medical malpractice * Non-owned watercraft * Spouses as an insured * Coverage for newly acquired garage businesses (90 days) * Limited worldwide liability coverage
Covered pollution cost or expense would cover "bodily injury" or "property damage" caused by the leakage of fuels, lubricants, fluids, exhaust gases or other similar pollutants that are "needed for or result from the normal electrical, hydraulic or mechanical functioning" of the covered auto if the pollutants are released from an auto part designed to hold, store, receive or dispose of the pollutants.
The garage policy offers a broader definition of “Auto” by adding two additional coverage symbol options.
Symbol 30 covers any customer's auto left with the named insured for service, repair, storage or safekeeping.
Symbol 31 covers dealers "autos" and "autos" held for sale by non-dealers or trailer dealers. * Garage Keepers Legal Liability Coverages Explained Garage Keepers Legal Liability provides coverage to owners of storage garages, parking lots, etc. for liability as bailees with respect to damage to automobiles left in their custody.
Coverage is contingent upon establishing liability on the part of the insured. Because of this contingency the customer must prove that the insured was negligent for the damages. This can create a loss of goodwill if coverage is denied because it is determined that the insured is not negligent for the damage.
To solve this problem, two coverage options are available which provide protection without regard to legal liability…
* Direct excess, coverage applies in excess of the vehicle owner's coverage. * Direct primary, the garage insured would share the loss with the auto owner's insurer.
Exclusions include…
* Contractual obligations * Theft by an insured * Defective parts * Faulty work * Loss to sound reproducing equipment (unless permanently installed) * Loss to tapes, records, etc. * Loss to other sound receiving equipment (CB's, mobile radios, telephones or scanning monitors unless installed in the dash or console) * Loss to radar detection equipment. * Hired and Non-Owned Liability – Automobile Insurance Hired and Non-Owned liability coverage provides bodily injury and property damage coverage for rental or borrowed autos operated by covered individuals. * Hired Physical Damage Hired Physical Damage covers comprehensive and collision claims when you rent a car for business use.
This coverage does not apply to non-owned vehicles. * Medical Payments – Automobile Insurance Medical payments coverage pays for injuries to persons in the covered vehicle, up to the stated limits, regardless of whether you, or your business, are legally liable.
Medical payments are paid in excess of other collectible insurance for each person injured. * PIP - Texas Personal Injury Protection (PIP) Coverage is required in Texas. If you do not want PIP, you must reject it in writing.
PIP provides…
Medical payments coverage, plus 80 percent of lost income and the cost of hiring a caregiver for an injured person.
PIP Covers…
You, your family members, and passengers in your car, regardless of who caused the accident. * Property Damage – Automobile Insurance Property damage liability coverage pays for damages you, or your business, are legally liable for for resulting from damage to the property of others related to the ownership or operation of of covered vehicles. Damage to the other party’s property and legal costs associated with the the event are among the types of expenses covered through property damage damage coverage.
* Specified Causes of Loss – Physical Damage Specified causes of loss coverage pays for physical damage to the business' vehicle resulting from... * Fire * Lightning * Explosion * Theft * Windstorm * Hail * Earthquake * Flood * Mischief * Vandalism * Sinking * Burning * Collision * Derailment of any conveyance transporting the business' vehicle
* Towing and Labor – Automobile Insurance Towing and Labor pays up to the stated coverage dollar amount when a covered vehicle needs a tow due to mechanical breakdown on the road.
* Un Insured Motorist – Automobile Un-insured motorist covers an insured involved in a collision with a driver who does not have liability liability insurance. * Under-insured Motorists – Automobile Insurance Under-insured motorist liability coverage pays your bills for bodily injury and property damage if you are the victim of an occurrence caused by a driver who is legally liable and who has inadequate insurance.
Example: You are hit by another vehicle and the driver of the other vehicle is found to be legally liable. Your damages are $100,000.00 but the other party’s insurance is for only $50,000.00. Assuming you have adequate limits of Under- Insured Motorist coverage, this will pay the amount above the $50,000.00 paid by the other driver’s insurance.
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