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Commercial Auto Insurance
Definitions of terms for commercial auto insurance.
1. Liability Coverage – (a) The company pays damages for which an insured becomes legally obligated because negligent acts or omissions resulted in bodily injury and/or property damage to a third party; (b) the company defends the insured against liability suits for damages caused to the third party, paying various expenses in this connection; and (c) vehicles covered include the insured’s own cars, a newly acquired car, and a temporary substitute car.
2. Medical Payments Coverage – The company pays medical expenses for bodily injury incurred by the insured (including spouse and relatives) and any other person while they occupy the insured car.
3. Uninsured Motorist Coverage – The company pays damages that the insured is legally entitled to collect from the owner or driver of an uninsured motor vehicle.
4. Comprehensive Coverage – The company pays for loss to the insured’s car for all damages, in excess of a deductible amount, except due to collision.
5. Collision Coverage – The company pays for loss to the insured’s car for all damages in excess of a deductible amount caused by collision.
6. Towing and Labor Coverage – The company pays for the towing and labor up to a per incident policy limit due to breakdown of the insured vehicle.
7. Car Rental Expense Coverage – The company pays for car rental up to a daily dollar limit, when the insured’s car cannot run due to a loss incurred.
8. Hired &/or Non-Owned Auto –