BUSINESS AUTO SYMBOL COVERAGE:
- Symbol 1 – Any Auto
- Symbols 2, 3 and 4 – Owned Autos, Owned Private Passenger Autos and Owned Auto other than Private Passenger
- Symbol 5 – Owned Autos Subject to No-Fault
- Symbol 6 – Owned Autos Subject to Compulsory UM Law
- Symbol 7 – Specifically Described Autos
- Symbol 8 – Hired Autos
- Symbol 9 – Non-owned Autos
- Symbol 19 – Mobile Equipment Subject to a Motor Vehicle Insurance Law
Massachusetts Commercial Auto
Most of the major commercial auto symbols used for coverage are listed to the left. Commercial auto symbols are used to provide various forms of coverage for different risk exposures. Objectively, the higher the symbol number, the narrower the coverage becomes- meaning coverage is provided more specifically.
Why are symbols important?
To avoid claims that are not covered by your policy, you will need a tailored commercial auto policy. Sometimes tailoring your policy may mean providing two different policies for your specific situation. Lets look at an example:
- John Doe owns a towing company. His company owns tow trucks with awful loss runs. Mr. Dow also owns a few Private Passanger Type Vehicles with very clean records and no losses under the businesses name. Placing all the autos under one policy will cause bad debiting to the clean autos due to the experience of the tow trucks- making premiums rise. IF the separate auto types were listed on two separate policies. The business would be credited for the clean, loss free PPT vehicles, and most likely will save money overall.
The case above is a situation where experience and strategic analysis is key to providing the best coverage for the client.
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