Garagekeepers Policy Basics: Part 1

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Questions and Answers

Which insurer provides the GarageKeepers policy?

  • CNA Insurance
  • Broadspire
  • Brightline Insurance Services
  • Columbia Casualty Company (correct)

On what date did the GarageKeepers policy become effective?

  • 4/1/2024
  • 3/1/2024
  • 1/1/2024
  • 2/1/2024 (correct)

The insured operates within what type of business?

  • Private Auto Rental
  • Franchise Auto Dealers (correct)
  • Auto Repair
  • Service Garage

What is the total premium amount listed on the Declarations page for this GarageKeepers policy?

<p>$2,334.15 (A)</p> Signup and view all the answers

Which company is responsible for handling claim reporting on behalf of Columbia Casualty Company under this policy?

<p>Broadspire (D)</p> Signup and view all the answers

Which coverage symbol applies to autos that are left with the insured for service purposes?

<p>30 (D)</p> Signup and view all the answers

For garage operations involving autos, what is the limit of insurance coverage per accident?

<p>$1,000,000 (B)</p> Signup and view all the answers

Which document provides information on the required actions and responsibilities after a loss occurs?

<p>Claim Reporting Notice (D)</p> Signup and view all the answers

What is the reporting frequency for Garagekeepers coverage under this specific policy?

<p>Quarterly (C)</p> Signup and view all the answers

Which of these positions is NOT identified as a Class I employee under the policy?

<p>Independent Contractor (B)</p> Signup and view all the answers

What type of insurance company is Columbia Casualty Company classified as within this policy?

<p>Surplus Lines (B)</p> Signup and view all the answers

What is the standard deductible amount for Garagekeepers Comprehensive Coverage under the policy?

<p>$2,500 (B)</p> Signup and view all the answers

Under what specific circumstance is the GarageKeepers policy considered void from its inception date?

<p>Sanctions violation (B)</p> Signup and view all the answers

Which symbol is used to designate dealer's autos specifically for physical damage coverage?

<p>31 (B)</p> Signup and view all the answers

Which coverage type explicitly excludes losses stemming from racing or stunt-related activities?

<p>All of the above (D)</p> Signup and view all the answers

Following an incident that could lead to a claim, how quickly must a claim report be submitted?

<p>Immediately (C)</p> Signup and view all the answers

Which specific OFAC (Office of Foreign Assets Control) restriction could potentially render the insurance policy void?

<p>Insured is on SDN list (B)</p> Signup and view all the answers

What is the listed premium specifically for Garagekeepers Collision Coverage?

<p>$403 (B)</p> Signup and view all the answers

The insured's primary garage operation is located in which city?

<p>Herculaneum, MO (C)</p> Signup and view all the answers

What is the total Garagekeepers Premium covering all specified locations under the policy?

<p>$2,050 (B)</p> Signup and view all the answers

Which company is identified as the agent of record for this GarageKeepers policy?

<p>Amynta Dealer Solutions (A)</p> Signup and view all the answers

Under Garagekeepers coverage, what is the deductible amount applicable per customer's auto for Collision?

<p>$2,500 (D)</p> Signup and view all the answers

What coverage applies if a customer does not have any other available insurance to cover damages?

<p>They are an insured only up to state minimum limits (C)</p> Signup and view all the answers

Which form is used to modify the insurance provided under multiple coverage parts, including Garagekeepers?

<p>IL 00 21 09 08 (D)</p> Signup and view all the answers

Which of the following is NOT a standard condition under Common Policy Conditions?

<p>Subrogation (B)</p> Signup and view all the answers

According to the policy, who is primarily responsible for paying all premiums due?

<p>First Named Insured (C)</p> Signup and view all the answers

What does the policy state regarding inspections conducted by the insurer?

<p>For insurability and premiums only (A)</p> Signup and view all the answers

What category of autos is covered under Symbol 29?

<p>Non-owned autos used in garage business (A)</p> Signup and view all the answers

Under which coverage symbol are customer vehicles left for service typically covered?

<p>30 (C)</p> Signup and view all the answers

Which coverage symbol is used to represent 'any auto' under the Garagekeepers policy?

<p>21 (C)</p> Signup and view all the answers

According to the policy, what constitutes a 'hostile fire'?

<p>A fire that breaks out from where it was intended (D)</p> Signup and view all the answers

What is the standard deductible for specified causes of loss under Garagekeepers coverage?

<p>$2,500 (D)</p> Signup and view all the answers

Which of the following statements accurately reflects OFAC requirements under the policy?

<p>Violations void the policy (C)</p> Signup and view all the answers

When are reports due under the Quarterly reporting basis for the Garagekeepers policy?

<p>15th of the fourth month and then every third month (C)</p> Signup and view all the answers

Who is typically included in Class II – Non-Employees under the Garagekeepers policy?

<p>Non-employees under or over 25 (D)</p> Signup and view all the answers

What action is required if an auto is acquired during the policy period and covered under Symbol 27?

<p>Notify insurer within 30 days (A)</p> Signup and view all the answers

What type of loss is generally excluded under the policy's nuclear energy exclusion?

<p>Bodily injury from nuclear material (C)</p> Signup and view all the answers

If a sanctions violation occurs, what kind of policy is deemed void?

<p>Ab initio (from inception) (D)</p> Signup and view all the answers

Which party is NOT considered an insured under the Garagekeepers policy when using a covered auto?

<p>A person borrowing the auto from you for personal use (A)</p> Signup and view all the answers

What typically happens if the insured chooses to cancel the Garagekeepers policy before its expiration date?

<p>Refund may be less than pro-rata (D)</p> Signup and view all the answers

Flashcards

GarageKeepers Policy Insurer?

Columbia Casualty Company is the insurer.

Policy Effective Date?

The policy's effective date is February 1, 2024.

Insured's Business Type?

The insured is involved in Franchise Auto Dealerships.

Total Premium Amount?

The total premium listed is $2,334.15.

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Claim Reporting Company?

Broadspire handles claim reporting for Columbia Casualty.

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Coverage Symbol for Service Autos?

Coverage symbol 30 covers autos left for service.

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Garage Operations Limit?

The limit is $1,000,000 per accident for garage operations.

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Duties After Loss Location?

The Claim Reporting Notice outlines duties after a loss.

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Garagekeepers Reporting Basis?

The coverage is reported Quarterly.

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Not a Class I Employee?

Independent Contractor is not a Class I employee.

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Type of Insurance Company?

Columbia Casualty Company is a Surplus Lines company.

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Comprehensive Coverage Deductible?

The deductible is $2,500.

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Policy Void Condition?

The policy is void if there's a sanctions violation.

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Physical Damage Symbol?

Symbol 31 is for dealer's autos for physical damage.

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Excluded Activities?

All coverages exclude racing and stunt activities.

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Claim Report Timing?

A claim report must be filed immediately after a loss.

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OFAC Restriction Effect?

Being on the SDN list could void the policy based on OFAC.

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Collision Coverage Premium?

The premium for Garagekeepers Collision Coverage is $403.

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Main Garage Location?

The insured’s main garage operation is in Herculaneum, MO.

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Total Garagekeepers Premium?

The total Garagekeepers Premium for all locations is $2,050.

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Agent of Record?

Amynta Dealer Solutions is the agent of record.

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Collision Deductible?

$2,500 is the collision deductible per customer's auto.

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Customer With No Insurance?

State minimum limits apply if a customer has no other insurance.

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Form Modifying Garagekeepers?

IL 00 21 09 08 form modifies multiple coverage parts.

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Not a common condition?

Subrogation is not under common policy conditions.

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Who Pays Premiums?

First Named Insured pays all premiums.

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Purpose of Inspections?

Inspections for insurability and premiums only.

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Symbol 29 Covers?

Symbol 29 covers non-owned autos used in garage business.

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Symbol 30 Coverage?

Symbol 30 covers customer vehicles left for service.

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What does Symbol 21 represent?

Symbol 21 means 'any auto'.

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Hostile Fire Definition?

Fire escaping intended containment is a hostile fire.

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Specified Loss Deductible?

The deductible for specified causes of loss is $2,500.

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OFAC rules impact?

OFAC Violations will void the policy.

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When are reports due?

Reports are due 15th of fourth month and every third month.

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Class II covers?

Non-employees under or over 25 are Class II.

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Action on acquisition?

Notify insurer within 30 days if Symbol 27 auto acquired.

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Nuclear Exclusion?

Bodily injury from nuclear material is excluded.

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Ab initio effect due to?

Sanctions violation makes policy void from inception.

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Not insured?

Person borrowing auto isn't ensured.

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Insured cancellation refund?

Refund less than pro-rata if the insured cancels.

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Study Notes

GarageKeepers Policy Basics (Part 1)

  • The insurer for the GarageKeepers policy is Columbia Casualty Company.
  • The policy's effective date is February 1, 2024.
  • The insured is engaged in Franchise Auto Dealers.
  • The total premium listed in the Declarations page is $2,334.15.
  • Broadspire handles claim reporting for Columbia Casualty Company.
  • Coverage symbol 30 is used for autos left with the insured for service.
  • The limit of insurance per accident for garage operations involving autos is $1,000,000.
  • The Claim Reporting Notice outlines duties after a loss occurs.
  • The reporting basis for Garagekeepers coverage is Quarterly.
  • An Independent Contractor is NOT listed as a Class I employee.
  • Columbia Casualty Company is a Surplus Lines company.
  • The deductible for Garagekeepers Comprehensive Coverage is $2,500.
  • The policy is void from inception if there is a sanctions violation.
  • Symbol 31 is used for dealer's autos for physical damage.
  • Liability, Garagekeepers, and Physical Damage coverage all exclude racing and stunt activities.
  • A claim report must be filed immediately after a loss.
  • The policy could be voided if the insured is on the SDN list, per OFAC restrictions.
  • The premium listed for Garagekeepers Collision Coverage is $403.
  • The insured’s main garage operation is located in Herculaneum, MO.
  • The total Garagekeepers Premium for all locations is $2,050.

GarageKeepers Policy Details (Part 2)

  • Amynta Dealer Solutions is the agent of record.
  • The deductible per customer’s auto for Collision under Garagekeepers is $2,500.
  • If a customer has no other available insurance, they are insured up to state minimum limits.
  • Form IL 00 21 09 08 modifies insurance provided under multiple coverage parts including Garagekeepers.
  • Subrogation is NOT a condition under Common Policy Conditions.
  • The First Named Insured is responsible for paying all premiums.
  • Inspections are for insurability and premiums only.
  • Symbol 29 covers non-owned autos used in the garage business.
  • Customer vehicles left for service are covered under Symbol 30.
  • Symbol 21 represents “any auto”.
  • A hostile fire is defined as a fire that breaks out from where it was intended.
  • The deductible for specified causes of loss under Garagekeepers is $2,500.
  • Violations of OFAC requirements void the policy.
  • Reports are due on the 15th of the fourth month and then every third month under the Quarterly reporting basis.
  • Non-employees under or over 25 are included in Class II – Non-Employees.
  • If an auto is acquired during the policy with Symbol 27, the insurer must be notified within 30 days.
  • Bodily injury from nuclear material is excluded under the policy’s nuclear energy exclusion.
  • A policy is void ab initio (from inception) if there is a sanctions violation.
  • A person borrowing the auto for personal use is NOT considered an insured when using a covered auto.
  • If an insured cancels the policy, the refund may be less than pro-rata.

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