CISR-Personal Auto Exposures (Questions & Answers) Passed!!

vehicle ownership - Answer-1. Individuals who are related and live in the same household 2. Joint ownership with one owner living outside household 3. individuals who are not related and live in the same household 4. vehicles owned by a trust where the grantor/trustee is an individual, individual and spouse Vehicle and vehicle usage - Answer-Private passenger autos which include pickups or vans; 1. auto is 4- wheel motor vehicle 2. may not be used for public or livery conveyance i.e. taxi, rideshare like Uber or Lyft, etc. 3. may not be rented to others 4. pickup cannot be over 10K lbs 5. Not used to deliver or transport goods or materials unless it is incidental to the insured's business, i.e. plumber, electrician 6. it can be farm or ranch vehicle Trailers and Miscellaneous vehicles - Answer-1. owned trailers are covered for liability and must be listed comp/coll 2. Miscellaneous vehicles can be endorsed to the ISO pol (check underwriting guidelines of ins co or preferably write them on their own pol) Who is an insured with the best coverage "You and Your" - Answer-1) You & yours (those named in the declaration page, i.e. individual and spouse, two people that live in the same household 2) you and yours includes spouse even when not named in the dec page provided they live together 3) when the spouse is no longer a resident, he/she has 90 days as a "you", or they stop being a "you" when they get their own pol, or the date of pol expires What is bodily injury? - Answer-Bodily harm, sickness, disease, including resulting death; Pain and suffering, mental anguish, disfigurement, loss of income, loss of a relationship, loss of services, etc., resulting from the bodily harm, sickness, disease, or death are also considered "bodily injury"What is a "Family Member" in the ISO policy for coverage purposes? - Answer-1) Related to a you by blood, marriage or adoption (includes a ward or foster child); and 2) A resident of the same household as a you note: Individuals meeting these two requirements are a "family member". It doesn't matter their age or whether or not they even have a drivers' license. Non-blood related family member in the same household - Answer-add to policy by "resident endorsement" so he/she is treated as a "family member" under the policy; if the person moves, only 30 days as "family member" "Trailer" defined in ISO policy - Answer-Vehicle designed to be pulled by a private passenger auto, pickup or van such as a boat trailer, camping trailer, horse trailer, utility trailer, etc. It includes a farm wagon or farm implement while towed by a private passenger auto, pickup or van. "Your Covered Auto" defined by ISO Pol - Answer-There are 4 categories of vehicles that make up the definition of a "Your Covered Auto". While these vehicles are not the only ones provided coverage, they are provided the broadest coverage. 1. Any vehicle shown in the Declarations 2. "Newly acquired auto" (Term defined next.) 3. Any trailer owned by a you, whether or not being towed by a vehicle 4. Temporary substitute, which is any auto not owned by you, that is being used because a "your covered auto" is out of normal use due to breakdown, repair, servicing, loss or destruction. (Temporary substitute does not apply to Part D - Coverage For Damage To Your Auto.) "Newly Acquired Auto" in PA ISO Policy - Answer-1) When must the vehicle have been acquired It must have been acquired during the policy period2) Who must own the vehicle It must have been acquired by a you. A new vehicle owned by a "family member" does not meet this requirement 3) Which vehicles are eligible Only those vehicles that meet the eligibility requirements (as covered in Section 1). Private passenger vehicles, including pickups or vans meeting usage/GVWR requirements for which no other policy provides coverage, and trailers. Covered for "Newly Acquired Vehicles" - Answer-The first category is coverages other than Coverage For Damage To Your Auto 1. Includes Liability, Medical Payments or Personal Injury Protection and Uninsured/Underinsured Motorists Coverage 2. The broadest coverage shown in the Declarations is provided for the new vehicle 3. For coverage to apply, the vehicle must be reported by a you within 14 days after becoming the owner Newly Acquired Vehicle coverage for physical damage - Answer-1. 14 days if it policy provides collision and other than collision coverage 2. newly acquired vehicle gets broadest cov for only 14 days, after 14 days it must be added to policy Newly Acquired Vehicle for 4 days when you only carry liability in your policy - Answer-When the coverage is NOT currently provided for a vehicle in the Declarations • The new vehicle still receives Collision and Other Than Collision coverage with a $500 deductible for each • For this coverage to apply, the insured must notify the insurance company within 4 days of becoming the owner As mentioned previously, Collision and Other Than Collision are treated separately when determining the automatic coverage provided for a "newly acquired auto" Liability + Defense Costs = Coverage When does the insurance company not have to defend the insured or settle a claim? - Answer-When the loss is not covered by the policy or when the limits of liability have been exhausted either by settlement or judgmentWho is an "insured" - Answer-1. You or a "Family Member" for Any Auto 2. Anyone Using a "Your Covered Auto" 3. "Your Covered Auto" Vicarious Liability 4. Non-Owned Auto Vicarious Liability Vicarious liability - Answer-For "your covered auto", any person or organization legally responsible for the acts or omissions of a person covered under Part A - Liability. This is referred to as vicarious liability. Supplementary Payments - Answer-These payments are paid in addition to the Limit of Liability Up to $250 for the cost of bail bonds required because of a covered accident resulting in "bodily injury" or "property damage". The insurance company is not required to provide the bond. Premiums on appeal bonds and bonds to release attachments Post-judgment interest (begins where prejudgment interest ends)