Understanding Symbol 10 In Commercial Auto Insurance Policies

Commercial auto insurance policies use symbols to indicate the types of vehicles covered. Symbol 10 is one of the 'custom' symbols, meaning the vehicle in question does not fit into one of the standard symbol designations, so the insured and insurer agree to a custom definition of use. Symbol 10 applies to land vehicles that are considered mobile equipment under the policy's definition, allowing for an extension of coverage for vehicles in states that confer vehicle status by making certain types of self-powered equipment subject to registration or licensing laws.

'>Symbol 10 is a ''custom' symbol

Commercial auto insurance policies use symbols to indicate the types of vehicles covered. Symbol 10 is a custom symbol, which means the use of the vehicle has been modified from one of the standard symbol designations for that class of vehicles. In other words, the auto in question does not fit 100% into one of the standard symbol designations, so the insured and the insurer agree to a custom definition of use.

The ISO Business Auto Coverage Form (BACF) is a standard insurance form used by many insurers to provide commercial auto coverages. The BACF utilizes a set of numbers, called covered auto designation symbols, to indicate the types of autos that are insured for each kind of coverage. Because each symbol triggers coverage for a specific category of vehicles, it's important to understand what the numbers signify.

Symbol 10 is one of the custom symbols available through the use of the Covered Autos Designation Symbol (CA 99 54) endorsement. This endorsement allows the insurer and the named insured to agree on modified wording that better defines the term "covered autos" for the policy in question.

In some cases, a particular insurance company may agree to provide coverage for a vehicle or ownership situation that is not described in the standard symbols. When this occurs, a special symbol, such as 10 for liability coverage, is used and added to the policy by an endorsement. The endorsement must contain a complete explanation and description of what the symbol means, and then that number must appear next to the applicable coverages on the policy.

It's important to carefully review and understand the various coverage symbols to know exactly what is covered by your policy. A typographical error or a wrong symbol could lead to unwanted complications in the event of a claim.

It applies to mobile equipment

Commercial auto insurance policies use symbols to designate the types of vehicles covered by the policy. These symbols are called covered auto designation symbols. Symbol 10 is one of the 'custom' symbols, meaning the use of the vehicle has been modified from one of the standard symbol designations for that class of vehicles. In these cases, the insured and the insurer agree to a custom definition of use.

Symbol 10 applies to mobile equipment that is subject to compulsory or financial responsibility law. This symbol is rarely needed. This is because the standard business auto policy considers mobile equipment (such as a bulldozer or forklift) an auto if it's being driven on a public road and is required by law to be insured for liability. Such vehicles qualify as autos and can be covered via any symbol that triggers coverage for commercial autos owned.

Symbol 10 may be used if you acquire mobile equipment during the policy period, the vehicle must be insured for liability, and none of the symbols currently used on your policy are appropriate. For example, suppose you purchase a commercial auto policy that covers only hired and non-owned autos. Two months after your policy begins, you buy a forklift. The law in your state requires you to insure a forklift for liability if you want to drive it on a public road. Symbols 8 and 9 don't cover owned autos, so symbol 10 can be added to cover the forklift.

In some instances, a particular insurance company may agree to provide coverage for a vehicle or ownership situation that is not described in the standard symbols. When this occurs, a special symbol, such as 10 for liability, is used and added to the policy by an endorsement. The endorsement must contain a complete explanation/description of what the symbol means. Then, that number must appear next to the applicable coverage(s).

It is used when a vehicle doesn't fit standard designations

Commercial auto insurance policies use symbols to indicate the types of vehicles covered. These symbols are listed on the declarations page of the auto policy next to each coverage purchased. Symbol 10 is one of the 'custom' symbols, used when a vehicle doesn't fit standard designations.

The standard symbols range from 1-9 and 19 for business auto, 21-31 for garage keepers coverage, 41-50 and 59 for truckers, and 61-71 and 79 for motor carriers. Symbol 1, for example, is the broadest designation, covering any automobile an insured person may need to drive.

However, in some cases, a vehicle may not fit 100% into one of these standard categories. This is where Symbol 10 comes in. Symbol 10 is a custom symbol that allows for a modified definition of vehicle use, agreed upon by the insured and the insurer. This modified definition is added to the policy by an endorsement, which provides a complete explanation of the symbol's meaning.

The use of Symbol 10 ensures that even vehicles that don't fit the standard designations can be covered by the policy, providing flexibility and a more tailored approach to commercial auto insurance.

It is available through the Covered Autos Designation Symbol endorsement

The Covered Autos Designation Symbol endorsement (CA 99 54) allows for the use of custom symbols, which are necessary when a vehicle does not fit 100% into one of the standard symbol designations. In these cases, the insurer and the insured agree on a custom definition of use. The endorsement will contain a complete description and explanation of the symbol's meaning, and the symbol will also appear with the applicable coverages on the policy.

Symbol 10 is one of these custom symbols. It applies to land vehicles that are considered mobile equipment under the policy's mobile equipment definition. This symbol allows for an extension of coverage for vehicles in states that confer vehicle status by making certain types of self-powered equipment subject to registration or licensing laws.

Custom symbols are also available for garage, trucker, and motor carrier policies. For example, the symbols 19, 32, 51, 52, 72, and 73 are custom symbols that can be used with the Covered Autos Designation Symbol endorsement. This endorsement is crucial in defining the policy's scope of coverage and appears on the declarations page of the auto policy next to each coverage purchased in the policy.

It is important to note that the covered auto designation symbols may differ depending on the insurance company and the specific policy. Therefore, it is always best to consult with an insurance professional to fully understand the protection provided by a commercial auto insurance policy.

It allows the insurer and insured to agree on modified wording

Commercial auto insurance coverage includes numeric symbols that denote what coverage applies to which vehicles. These symbols are listed on the policy form next to the vehicle.

Symbol 10 is one of the 'custom' symbols, meaning the use of the vehicle has been modified from one of the standard symbol designations for that class of vehicles. In these cases, the auto in question does not fit 100% into one of the standard symbol designations, so the insured and the insurer agree to a custom definition of use.

The custom symbol allows the insurer and the insured to agree on modified wording that is a better fit for defining "covered autos" for the policy in question. This modified wording is used to define the term "covered autos" in a way that is more accurate and reflective of the specific situation.

The Covered Autos Designation Symbol (CA 99 54) endorsement is used to facilitate this agreement between the insurer and the insured. This endorsement allows for a clear and mutually agreed-upon understanding of the coverage provided for the insured's vehicles.

By using Symbol 10, both parties can ensure that the insurance policy accurately represents the unique characteristics and usage of the vehicle in question, providing a more tailored and appropriate level of coverage. This flexibility ensures that the insured's vehicles are adequately protected while also allowing the insurer to assess and manage their risk effectively.

Frequently asked questions