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 Why we changed our name in 2012! |
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Colorado Nonprofit Insurance Agency is a wholly owned Subsidiary of Colorado Nonprofit Association |
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Business Auto Policy The Business Auto Policy (BAP) provides liability coverage and physical damage coverage. An increasing number of nonprofits purchase vehicles used to deliver services and must purchase an auto policy. Coverage under the BAP is triggered via coverage symbols that indicate the level of insurance purchased. Symbol one, defined as any auto, provides the broadest liability coverage. Thus, when symbol one is provided, any auto is considered insured under the policy. Symbol one provides liability coverage for owned autos, non-owned autos and hired autos. Symbol 8 covers Hired Autos. Symbol 9 covers Non-Owned autos. While symbols other than symbol one might be acceptable to your risk, and thereby lower your premium, you must be careful not to leave yourself exposed if your transportation needs change. The main coverage provided under the BAP is auto liability. The policy covers amounts the insured must pay as damages because of bodily injury (BI) or property damage (PD) caused by an accident and resulting from the ownership, maintenance or use of a covered auto. Auto liability is sometimes referred to as third party coverage. It protects the first party (the nonprofit buyer of the policy) from suits or claims filed on behalf of third parties - the person who suffered bodily injury or property damage. The other main coverage provided in the BAP is physical damage coverage. The most common types of physical damage coverage are collision coverage and comprehensive coverage. Collision coverage pays for loss to an insured auto or its equipment caused by the covered auto's collision with another object or overturn. Overturn is an insurance term that refers to an auto rollover. Comprehensive coverage pays for loss to a covered auto or its equipment from any cause except collision or overturn. The staff at Colorado Nonprofit Insurance Agency is very knowledgeable about purchasing insurance to protect against sexual abuse. They have many years of experience helping organizations to determine the appropriate coverage. Give us a call if you would like to talk with us about our insurance programs. Let us address one of your questions! |
iNews Articles 2011 