
HA 99 16 03 12 Form
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People also ask
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What is the maximum amount of money the insurance company will pay for a particular loss or for loss during a period of time?
Aggregate Limit - The maximum dollar amount of damages that the insurer will pay under the insurance contract, during the coverage period regardless of the number of claims for a particular coverage.
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What is CGL medical payments coverage?
Medical Payments is a coverage that is listed in a Commercial General Liability (CGL) Insurance Policy. Most businesses have a CGL insurance policy. Medical Payments coverage pays emergency medical expenses for bodily injury to you if you were hurt on someone else's property.
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What is physical damage coverage under the business auto coverage form?
The physical damage insuring agreement of the business auto coverage form states that the insurer will pay for loss to a covered auto or its equipment under any of three coverage choices: comprehensive, specified causes of loss, or collision.
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How is physical damage insurance calculated?
When you select Physical Damage insurance, you also are required to submit a stated amount, which is your best estimate of the current value of your vehicle. The stated amount should take the age and condition of your vehicle into account, as well as any permanently attached equipment.
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What is liability insurance most likely to cover?
In most cases, liability coverage is designed to cover you if you are held responsible for causing injury or property damage – whether someone is injured on your property or if you accidentally injure someone or damage their property.
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What is the omnibus additional insured endorsement?
An omnibus clause is a provision in standard automobile liability policies that extends coverage to individuals not named in the policy. The omnibus clause applies to individuals who are authorized to use an insured vehicle.
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What is the limit of insurance provision in a business auto policy?
Many insurers recommend a business auto coverage limit of $1,000,000, with $500,000 as the minimum.
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How is the limit of insurance that the insurer will pay for a physical damage loss determined in the business auto?
The amount an insurer will pay on an auto physical damage or theft claim depends on the market value, known as Actual Cash Value (ACV), of the vehicle at the time of the loss. The most that will be paid is the lesser of the ACV or the cost to repair or replace the vehicle with one of like kind and quality.
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