Insurance Services Office's (ISO's) Business Auto Coverage (BAC) form protects the named insured (the "you") against the financial consequences of its legal liability for bodily injury or property damaged not excluded by the policy and arising out of the ownership, maintenance or use of a "covered auto." This makes the covered auto symbols the key to the business auto policy. Each symbol grants insured auto status to a different class of vehicle.
Ten pre-defined coverage symbols (1-9, 19) trigger protection to a progressively narrowing definition of insured vehicles. For example, Symbol "1" extends protection to "Any Auto," while Symbol "7" provides coverage for only "Specifically Described Autos."
The agents' goal is (or should be) to use the broadest symbol allowed to extend coverage to the greatest number of vehicle classes (owned, hired or borrowed).
This session introduces and details the 10 defined BAP coverage symbols and addresses some gaps created when certain symbols, or combination of symbols are used. Beyond the 10 "defined" symbols, the ability to create and use "self-defined" coverage symbols is discussed along with various endorsements that can extend coverage to certain vehicles.
Participants in this session learn:
- Why Symbols 2+8+9 do NOT equal Symbol 1
- The gaps created by underwriter requests
- Why the "You" of the policy matters in relation to coverage symbols
- Which endorsements can be used to extend coverage to "unique" autos