Answer: They define how your vehicles are covered.
The full list is below, but here are some highlights:
Symbol “1” is the best for both types of coverage (Liability & Physical Damage)
Symbol “8” covers rental cars (liability only)
Symbol “9” covers non-owned auto. This is typically your employees driving their personal vehicles for company business (liability only) **** highly recommend this coverage to protect the company****
Symbol “2” will only cover owned vehicles, “3” will only cover owned private passenger vehicles (trucks excluded), and the others restricted the coverage further and further.
Call us if you would like to know about any of the symbols, but especially symbols 5-7. Office phone 310-477-2666 or via email: [email protected]
Each policy is different, so be sure to read the wording in your commercial auto policy to find which coverage symbols apply to your specific autos.
Full Break down below:
Liability Coverage Auto Symbols
1 = ANY “AUTO”. This is the broadest symbol designation and covers any “auto.”
2 = OWNED “AUTOS” ONLY. This symbol covers any “auto” owned by an insured, including any “auto” that is acquired after the policy begins. The symbol also applies to any “trailer” while it is towed by an owned vehicle.
3 = OWNED PRIVATE PASSENGER “AUTOS” ONLY. This symbol covers only private passenger type “autos” owned by the insured, including any private passenger type that may be acquired after the policy begins.
4 = OWNED “AUTOS” OTHER THAN PRIVATE PASSENGER “AUTOS” ONLY. This symbol covers all “autos” other than private passenger type “autos” (vans, trucks, motorized equipment) owned by an insured, including such vehicles that may be acquired after the policy begins. The symbol also applies to any “trailer” while it is towed by an owned vehicle.
5 = OWNED “AUTOS” SUBJECT TO NO-FAULT. Any “auto” owned by an insured that is garaged or licensed in a state where no-fault benefit laws exists. This symbol also applies to any “auto” acquired after the policy begins.
6 = OWNED “AUTOS” SUBJECT TO A COMPULSORY UNINSURED MOTORIST LAW. Any “auto” owned by an insured that is garaged or licensed in a state where drivers are required to carry uninsured motorist coverage. This symbol also applies to any “auto” acquired after the policy begins.
7 = SPECIFICALLY DESCRIBED “AUTOS”. Only those “autos” that are specifically listed on the policy are covered. The symbol also applies to any “trailer” while it is towed by a listed vehicle.
8 = HIRED “AUTOS” ONLY. 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.
9 = NONOWNED “AUTOS” ONLY. This symbol covers only those “autos” an insured does not own, lease, hire, rent, or borrow that are used in the insured’s business, including “autos” owned by employees, partners, or members of an insured’s household, but only while those non-owned “autos” are used either in the insured’s business or personal affairs.
Physical Damage Coverage Auto Symbols
1 = OWNED “AUTOS” ONLY. This symbol covers any “auto” owned by an insured, including any “auto” that is acquired after the policy begins.
2 = OWNED PRIVATE PASSENGER “AUTOS” ONLY. This symbol covers only private passenger type “autos” owned by the insured, including any private passenger type that may be acquired after the policy begins.
3 = OWNED “AUTOS” OTHER THAN PRIVATE PASSENGER “AUTOS” ONLY. This symbol covers all “autos” other than private passenger type “autos” owned by the insured, including any “autos” other than any private passenger type that may be acquired after the policy begins.
4 = SPECIFICALLY DESCRIBED “AUTOS”. Only those “autos” that are specifically listed on the policy are covered. The symbol also applies to any “trailer” while it is towed by a listed vehicle.
5 = HIRED “AUTOS” ONLY. This symbol covers only those “autos” that an insured leases, hires, rents, or borrows, unless the “auto” is leased, hired, rented, or borrowed from an employee, partner, or member of the insured’s household.
Manuscript Symbols
In some instances, a particular insurance company may agree to provide coverage for an auto situation that is not described in the above symbols. When this occurs, a special symbol, such as 10 for liability or 7 for physical damage coverage, is used and added to the policy by an endorsement. The endorsement must contain a complete explanation/description of what the symbol means. Then, that number must appear next to the applicable coverage(s).
If you have a question about any of these symbols or how coverage applies under your policy, the answers lie with one of our insurance professionals. Call us today! 310-477-2666
Sincerely,
Linn T. Hodge & Sons
HERE FOR YOU SINCE 1929!