Search
 

Policy Issues: New Year's declaration: Symbol 1 still means any auto

HAPPY New Year! In the grand tradition of new beginnings and clean slates, naturally I'm going to start off the new year by returning to a former subject: my article from last October about Business Auto Symbol 1. It seems my argument that Symbol 1

By Chris Amrhein | Updated on December 31, 2004

HAPPY New Year! In the grand tradition of new beginnings and clean slates, naturally I’m going to start off the new year by returning to a former subject: my article from last October about Business Auto Symbol 1. It seems my argument that Symbol 1 (“any auto”) means exactly what it says has created a bit of controversy among regular practitioners of the insurance arts, including more than a couple of industry experts.

If you recall from that article, a student had questioned whether using Symbol 1 for liability in a BAP would create automatic coverage for any number of vehicles newly acquired during the policy year, even if such vehicles had never been reported to the carrier. Without repeating all of the detail in that article about forms language, my response to the question was a simple “yes.” My basis for such a short, sweet answer was what I consider to be a perfect example of clear policy language-the BAP form definition for Symbol 1: “any auto.”

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.