Looking for homeowners or commercial insurance for your property in Northville, NY? Have you ever wondered what types of coverage you can receive after an automobile collision? What kinds of permits will you need if you decide to extend your business outside state lines?
There are all sorts of questions our clients ask us on a regular basis. To make things easier on you, CDL Associates Insurance Agency LLC has provided the following FAQ.
If you’re taking out a loan to buy the vehicle, you will be required to buy “full coverage” auto insurance for the life of the loan. That includes collision and comprehensive coverage, in addition to liability.
If my garage burns down and my car is in the garage, is my car covered under my homeowners insurance or car insurance?
Your homeowners insurance does not cover the loss of your car, even though it was “in your house.” You must typically have a form of comprehensive physical damage coverage on your automobile insurance policy for it to be covered.
Most insurance companies would consider a home’s plumbing to be under normal homeowner maintenance. The property owner is responsible for repairing or replacing the broken pipe. However, leaky pipes are different from broken pipes that could potentially flood the entire home. This type of flood is covered under an all-perils policy. A flood from rising water would require separate flood insurance coverage.
Unlike driving a car, you can legally own a home without homeowners insurance. However, if you finance your home with a mortgage, your lender will most likely require you to have home insurance coverage to protect your home in case of damage cause by unforeseen circumstances, such as fires or natural disasters.
When you purchase a home and a homeowners insurance policy, you should create an up-to-date home inventory to expedite a claim settlement if you ever need to make one. With a complete home inventory, your insurance company can verify property easier, which makes settling your claim easier. Plus, you can easily verify losses for your income tax return with an updated home inventory.
It is a contractual relationship between a contractor and an insurance carrier to reimburse a third party (such as the consumer) for property damage or personal injury loss caused by the contractor. Examples of losses might be a contractor’s ladder falling and breaking a window. General liability insurance does not provide reimbursement to a third party (such as the consumer) for poor work or construction defects. It may provide coverage for damage caused by faulty work or construction defects. General liability insurance policies may have exclusions for specific risks or exposures that are not covered.
Workers’ compensation insurance provides coverage for employees who are injured on the job. When employees are injured, workers’ compensation insurance provides them with medical treatment, payment for lost time and disability, and re-employment assistance if needed.
What is the difference between primary liability and secondary liability (bobtail, unladen, nontrucking)?
Primary liability coverage is protection for the public and is required by FMCSA to obtain your own authority. Secondary liability coverage listed above could be required by your motor carrier and only covers you while under a permanent signed lease with them.
Actual cash value is the cost of your equipment at the time of a loss minus depreciation. A Stated Limit Policy is an agreement between the insured and the insurance carrier that places a predetermined value on the item.
Typically no. Most states require proof of financial responsibility, which is the Primary Auto Liability Insurance, not secondary liability.
FMCSA only requires $750,000 primary liability coverage, but most shippers/brokers require $1,000,000. The most common request for cargo is $100,000, but this would depend on what you’re hauling and for whom you are hauling.
Auto Liability is a requirement by the FMCSA for operating authority; however, you may need additional coverages such as Motor Truck Cargo, General Liability, and possibly Workers Compensation or Occupational Accident insurance. Other coverages may be required in your contract(s) with your brokers and shippers.
Any requirements for secondary liability (such as bobtail, non-trucking or unladen liability coverages) should be specified in your lease agreement. You can then purchase additional coverage to protect your equipment.
FMCSA MC Authority with a DOT number. Truck registration requires IRP, Single State Registration (SSRS), and IFTA. Depending upon which states you operate in, there may be individual state permits needed.
The following are the most common forms of coverage for trucking and transportation:
Have additional questions? Contact us today!