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What is an Automobil Insurance Policy?
Insurance is a contract whereby one undertakes to indemnify another or pay or allow a speciied amount or a determinable benefit upon determinable contingencies.Automobile insurance is generally regarded as the most important of the property and liability insurance lines. Exposures to loss exist for virtually every individual, family and bussiness. The require,ents of Florida law and economic realities make auto insurance a primary necessity.
Liability insurance policies contain an insuring agreement that begins with the statement that the insurer agrees "to pay on behalf of the insured becomes legally obligated to pay as damages... " or equivalent wording. The insuring agreement then continues by broadly definig the hazards being covered, with exclussions later narrowing the coverage to its intended bounds.
The law applies to "motor vehicles,' defined to include all self-propeled vehicles with four or more wheels which are of a type both designed and requierd to be licensed for use on Florida highways, and trailers and semi-trailers designed for ues with such vehicles. Specially exempted from the law are mobile homes, and governmentally owned vehicles used in mass transit or public school transportation if designed to transport more than five passengers.
Firstable a PIP insurance is required by the state of Florida.
The required limit for the package of PIP beneifts is $10,000 per person per accident. For example, if the PIP coverage has already paid $8,000 in medical benefits. then the injured person dies, there is only $2,000 available to be paid as the death benefit
Who is covered?
Persons entitled to the PIP benefits which an owner has secured as to a specific vehcle may be outlined as follows:
1. Injuries to named insured
a. If the accident occurs in Florida, while occupying any defined motor vehicle, or if struck by a defined motor vehicle while not occupying any self-propelled vehicle.
b. If the accident occurs outside Florida, while occupying the insured motor vehicle or a vehicle owned by a resident relative, if it is insured for PIP.
2. Injuries to relatives of named insured who reside with insured
a. Same as for named insured, except as to accidents outside Florida, tha named insured's benefits apply to the relative only when the relative is occupying the named insured's motor vehicle.
3. Persons other than named insured and relatives
a. If the person is not an owner of the motor vehicle, or entitled to benefits from another owner's indurer, and if the accident occurs in Florida, the owner's benefits are payable to such person while occupying the named insured's motor vehicle or if the person is a Florida resident, if struck by the insured's motor vehicle while not occupying a self- propelled vehicle.
Exclusions
There exists a limited number of exclusions, under which benefits are denied:
1. Named insureds and relatives are not covered while occupying a motor vehicle owned by the insured and not covered under the insured's policy. In other words, one can not own two mobiles, insured only one for PIP, and receive benefits when injured in the other one.
2. Persons operating the insured's automobile without the insured's consent are excluded.
3. There is no coverage for persons who intentionally inflict self-injury or who are injured during a commision of a felony.
What is, Liability Coverage?
The function of auto liability insurance is to pay on behalf of the insured money damages for which the insured becomes leaglly liable to others for bodily injuries orproperty damages.
Please note:
The policy protects only those who have the status of "insured", the definition of which varies by policy form.
Payment is only for "legal liability." Generally, legal liability arises from a negligent act or omission arising out of the ownership, maintenance or use of an automobile.
To trigger payment, the legal liability must be for "body injury" or "property damage." Bodily injured is generally defined as a phisical harm, sickness or disease, or death resulting from any of these. Claims for badily injury may be for damages such as medical bills, loss of income, pain and suffering, and other results of the physical harm incurred. Property damage means interest awarded against the insured in a liability suit is also considered "damages."
When a claim is made against one who is an insured, for an occurence wherein there is policy coverage, the insurer "becomes the insured's defense lawyer." In other words, the insurer cannot take a hands-off position and simply pay the eventual claim. With this duty to defend, the insurer also has the right to settle claims in a manner it deems to be the most advantageous.
Who is insured?
Those who have the status of "insured," and thus receive the protection of the policy, include:
The named insured and family mebers for the ownership, maintenace or use of any auto or
Any person using "your covered auto"
Anyone legally responsible for "your covered auto," but only for acts or omissions of one who is otherwise an insured.
For any auto or trailer other than "your covered auto," anyone else who does not own or hire the vehicle, if liability is from an act or omission of the named insured or a family member.
Exclusions
Exclusions are divided into two parts:
Liability coverage is not provided to any insured:
Who intentionally causes injury opr damage.
For damage to a property owned or being transported by that insured.
Except for damaged to a residence or private garage, for damageto property rented to, usded by or in the care of that insured.
For injury to an employeein the course of employment (but the exclussion does not apply to domestic employees not covered be workers compensation).
For an insured's liability arising from use of a vehicle as a public or livery conveyance ( to carry persons or property for hire ). This does not include share-the-expense car pools.
While employed or engaged ina business of selling, reparing, servicing, storing or parking vehicles. The exclusion does not apply to the named insured, a family member, or a partner, agent or employee of the named insured or a family member, for use of a "your covered auto."
Except as to a private passenger auto, or an owned pickup or van, or trailer used with any of these, for using any vehicle in a business other than a farming or ranching or as described in #6.
Using a vehicle without a reaonable belief of permission.
For bodily injury or property damage for which that insured is an insured under a nuclear energy liability policy to the named insured or a family member.
Vehicle for which Liability coverage is not afforded include the following:
Any vehicle with less than four wheels, or designed mainly for use off public ( unless vehicle is a trailer, or being used in a medical emergency) roads.
A vehicle owned by or furnished or available for the regular use of the named insured, other than " your covered auto."
Any vehicle located inside a facility designed for racing, for the purpose of competing in or practicing/preparing for any prearranged or organized racing or speed contest.
This for any physical damage to your automobil. The company agrees to pay for direct and accidental loss to a " your covered auto" or to any "nonowed auto", including their equipment.
Collision means upset or impact with another object, with the provision that the loss caused by the following perils are considered other than collision: missiled, falling objects, fire, theft, larceny, explosion, earthquake, windstorm, hail,water, flood, vandalism, riot, civil commotion, contact with bird or animal, breakage of glass.
Exclusions
Electronic equipment for the reproduction of sound, including but not limited to radios, stereos, tape decks and compact disc players.. However covarage is providedif such equipment is: permanently installed in the auto, or removable from permanently installed housing unit, designed to be solely operated by power from the auto's elecrtical system, and inor upon the auto at the time of loss.
Any other equipment, including but not limited to citizens band radios, telephones, two ways mobile radios, scanning monitor receivers, television monitor receivers, video cassette recorders, audio, casstte recorders and personal computers. However, coverage is provideed for electronic equipment that is necessary for the normal operation of the auto or for monitoring its operating systems, or is an integral part of the same unit housing sound reproducing equipment, and is permanentely installed in the auto's dash or console that is normally used by the manufacturer for installation of a radio.
Tapes, record, discs, other media or any other accesories used with equipment described in 1. and 2. above.
A "your covered auto" or any "noowned auto" that is destroyed or confiscated by governtamental or civil authorities.
A camper body or trailer not shown in the declarations (coverage applies to those acquired or civil authorities.
Awnings or cabanas or equipment designed to create additional living facilities.
Equipment designed or used for detection or location of radar ("fuzz buster") or laser.
Custom furnishings or equip[ment in a pick up or van, including but not limited to special carpeting and insulation, furniture, bars, cooking and sleeping facilities, height-extending roofd, and custom murals, paintings, decals and graphics.
other provisions may apply.
PROPERTY
What is Commercial Property Insurance?
Commercial Property Insurance, sometimes referres to as commercial fire and allied lines, is the form of insurance that covers direct and inderect losses to proporties other than one-to-four-family dwellings and farm properties.
What is Dwelling program?
It is personal insurance applicable for insuring buildings occupied for dwelling purposes having not more than four apartments or family units, mobile homes having not more than one apartment, and household personal property in any property in any apartment, cooperative or condominium used as living quarters or rented to others.
Coverage forms
DP-1- Dwelling Property Basic form
DP-2- Dwelling Property Broad form
DP-3- Dwelling Property Special form
What is Flood Insurance?
Flood is defined by the NFIP to be the "General and temporary condition of partial or complete inundation of normally dry land areas caused by: overflow of inland or tidal waters; or rapid and unusual accumulation or runoff from any source." Notice it is not enough to have damage from "a lot of water" in a single, isolated area, such as a low-lying home. Infact, if all flooding is confined to a single premises, itmust inundate over two acres of the area. And property in areas that are normally flooded would not be covered.
General Liability
What is General Liability?
The field of General Liability insurance embraces business liability hazards other than those dealt with by more specialized forms of coverage such as automobile, aviation, marine, proffesional and workers compensation. All kinds of business need this type of protection to cover for liability arising from premises, general operations (ongoing and after completion) and products manufactured or sold.
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