e g a r Cove Go e h t n o
Good day to you, dearest readers of Artisan Spirit Magazine,
This issue, we’re going to deal with a topic that vexes the insurance-verse more than any other issue. The topic at hand is often overlooked yet still plagues craft beverage manufacturers all across this great land. What could it be? It is …
Automobile coverage … Dun-dun-dahhh!!! Many folks are of the belief that insurance carriers love hard market cycles, and thus, insurance agents also love these times because the premiums are higher, commissions are higher, and those “insurance buggers” are all just rolling around in piles of money. How disgusting they must be to be reveling in the pain and at the expense of the insureds. In reality, this is not entirely true. Yes, more money is being made in premium and commission, but it is often offset by fewer insurance policies being sold, insureds choosing to go without certain coverage or insurance at all, or the inability to provide coverage at a reasonable price, so the business goes elsewhere. If you are in the artisanal spirits space, transportation is one of the more significant coverage issues that you face. We all likely know someone affected, or have been directly affected ourselves, by an auto incident. We spend a lot of time in our vehicles traveling from place to place throughout our days, whether it is for a commute, leisure, or to run errands for our business. Therefore, issues are certain to arise at some point. There are so many types of auto coverage available that it may make it difficult to know if you have the right one for your business. Without getting too far down the auto insurance rabbit hole, I will say that on a standard commercial auto coverage form you have nine different “symbols” that represent the type of coverage you may have. Here is an example of each... 48
WRITTEN BY AARON LINDEN
What Every Distiller Needs to Know About Commercial Auto Insurance
= Symbol 1 Any “Auto” = Symbol 2 Owned “Autos” Only Only those “autos” you own (and for Covered Autos Liability Coverage any “trailers” you don't own while attached to power units you own). This includes those “autos” you acquire ownership of after the policy begins.
= Symbol 3 Owned Private Passenger "Autos” Only
Only the private passenger “autos” you own. This includes those private passenger “autos” you acquire ownership of after the policy begins.
= Symbol 4 Owned “Autos” Other Than Private Passenger "Autos” Only
Only those “autos” you own that are not of the private passenger type (and for Covered Autos Liability Coverage any “trailers” you don't own while attached to power units you own). This includes those “autos” not of the private passenger type you acquire ownership of after the policy begins.
= Symbol 5 Owned “Autos” Subject To No-fault
Only those “autos” you own that are required to have no-fault benefits in the state where they are licensed or principally garaged. This includes those “autos” you acquire ownership of after the policy begins, provided they are required to have no-fault benefits in the state where they are licensed or principally garaged.
= Symbol 6 Owned “Autos” Subject To A Compulsory Uninsured Motorists Law
Only those “autos” you own that because of the law in the state where they are licensed or principally garaged are required to have and cannot reject Uninsured Motorists Coverage. This includes those “autos” you acquire ownership of after the policy begins, provided they are subject to the same state uninsured motorists requirement. W W W . ARTISANSPIRITMAG . C O M