Can you give me a claim example where symbol 1 would be better than 2, 8, & 9 for business auto?

Can you give me a claim example where symbol 1 would be better than 2, 8, & 9 for business auto?

I used to know one, but I forgot.TIA!

Tom

I borrow a commercial truck from another contractor I know. On the way back to the shop I get into an accident with another car where, unfortunately, it is determined that I am at fault.Symbol 1 - Any Auto or Symbol 8 - Hired Autos or Symbol 9 - Non-Owned AutosWith these symbols my business auto policy includes coverage for owned, non-owned, borrowed, leased and hired autos (Symbol 1 and 9 can only be used for liability insurance) This means my auto liability covers me even though I do not own the truck.With Symbol 2 - All Owned AutosThe coverage applies only to autos owned by the insured. I would not be covered because I did not own the truck, it was borrowed.Source(s):...

mbrcatz

Liability insurance forms always extend the greatest amount of protection to the policy's "You" (also known as the named insured)- the BAP is no exception. The definitions of Symbols "2," "8" and "9" refer to the policy's "You" where Symbol "1" does not. This is the first clue that these two options are not equal in breadth of protection.Who "you" is differs based on the insured's legal structure as a sole proprietor, partner, limited liability company (LLC) or corporation as follows:Sole proprietor: The individually named owner is the policy's "you." So the individual must own, hire or borrow the vehicle. For non-owned coverage to apply, the owner of the non-owned vehicle must be doing something to further the proprietor's business.Partnerships: Like sole proprietors, the partners are the "you" of the policy. Essentially the same provisions apply to partnerships as sole proprietors.Limited liability companies (LLC's): The LLC is the named insured (subject to some state laws), but the policy treats the members of the LLC the same as partners.Corporations (any type): The corporation is the "you" in the policy making everyone else "employees-" including the "owner" of the corporation.These differing assignments of "You" status leads to gaps in coverage when Symbols "2," "8" and "9" are used in place of "1." Symbols "8" and "9" are where the gaps reside.Now think about this, and YOU can come up with a claim example of why symbol 1 is BETTER than 2, 8, and 9.

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