Arkansas HVACR NewsMagazine September 2022

S tate, National, Chapter News State national Chapter News

Damage Coverage is typically split into Comprehensive and Collision Coverage, though it can also be written on a Specified Peril Form. – Physical Damage Coverage provided when the car is in an over the road accident, or when the vehicle is in the motorist’s control. o Comprehensive Coverage – Physical Damage Coverage provided for damages caused by anything other than an over the road collision. Examples include, Hail Damage, Vandalism/Theft, Falling Trees, etc… o Specified Peril Coverage – Physical Damage Coverage provided for ONLY those perils specifically listed in the policy. This limits coverage significantly but can provide coverage for certain perils typically at a cheaper rate. Medical Payments – Supplementary coverage option providing low limits for Medical Payments only regardless of who is at fault in an accident. This can provide coverage for you and/or your passengers even if you are at fault. Common covered expenses include, Ambulance/EMT Fees, X Rays, Funeral Costs, etc… Hired/Non-Owned Auto Coverage – Provides protection for a business when an employee is in an accident on company time in a vehicle that does is o Collision Coverage

not owned by the business or specifically covered under the Auto Liability Coverage. o A “Hired” Auto would be a rented, leased or borrowed vehicle. o A “Non - Owned” Auto would be an employee’s vehicle. Non-Owned Auto Insurance is in excess of that vehicle’s primary insurance. Meaning if your employee carries only the state minimum limits, and they get into an at fault accident on company time, their personal auto policy would pay first, and the business’s Non -Owned Auto Coverage would provide any additional coverage needed to pay for the other party’s bodily injury or property damage costs. I hope this helps you to understand what some of the other line items are in your Commercial Auto Policy. I know this is a quick overview, but there are several nuances to these policies that are important to know! Please let us know if we can help you in any way and Stay Safe! Cross Pointe Insurance Advisors, LLC 12410 Cantrell Road, Ste 200A Little Rock, AR 72223 nickh@cp-ins.com 501-680-1186 You can contact Nick at--