The Business Auto Coverage form is possibly the most restrictive commercial coverage form we deal with, and yet, the one we spend the least time talking or learning about – until an uncovered liability claim occurs. The policy is very specific about which vehicles are “covered” by the policy and includes symbol definitions as part of the policy language. Coverage is only provided if a symbol is indicated next to a coverage, and that symbol “defines” what a covered “auto” is. Understanding the definitions of the various symbol options available is critical, especially as more carriers become less willing to use Symbol 1 for liability, but instead are leaning toward using only symbol 7 so they maintain more control over the auto exposures they may be picking up.

Our presentation will review the Business Auto Insuring agreement, with a focus on the phrase “covered autos”. Using claim scenarios, we will discuss symbols 1-9, and include discussions about coverage for the insured for rental exposures, and for employees who use their own autos in the course of the insured’s business.  While this is designed for those newer to the insurance industry, it is a great review for anyone involved in managing both new and renewal commercial auto accounts. 
 
Topics Include:
• What is required to be a covered auto? 
• A Discussion, using claims scenarios, of symbols 1-9
• What are the drawbacks of Symbol 7, and how do we protect ourselves when this symbol is used?
• How to make sure the insured is protected for liability for any short-term rental exposures