Podcast
Questions and Answers
Which insurer provides the GarageKeepers policy?
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?
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?
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?
What is the total premium amount listed on the Declarations page for this GarageKeepers policy?
Which company is responsible for handling claim reporting on behalf of Columbia Casualty Company under this policy?
Which company is responsible for handling claim reporting on behalf of Columbia Casualty Company under this policy?
Which coverage symbol applies to autos that are left with the insured for service purposes?
Which coverage symbol applies to autos that are left with the insured for service purposes?
For garage operations involving autos, what is the limit of insurance coverage per accident?
For garage operations involving autos, what is the limit of insurance coverage per accident?
Which document provides information on the required actions and responsibilities after a loss occurs?
Which document provides information on the required actions and responsibilities after a loss occurs?
What is the reporting frequency for Garagekeepers coverage under this specific policy?
What is the reporting frequency for Garagekeepers coverage under this specific policy?
Which of these positions is NOT identified as a Class I employee under the policy?
Which of these positions is NOT identified as a Class I employee under the policy?
What type of insurance company is Columbia Casualty Company classified as within this policy?
What type of insurance company is Columbia Casualty Company classified as within this policy?
What is the standard deductible amount for Garagekeepers Comprehensive Coverage under the policy?
What is the standard deductible amount for Garagekeepers Comprehensive Coverage under the policy?
Under what specific circumstance is the GarageKeepers policy considered void from its inception date?
Under what specific circumstance is the GarageKeepers policy considered void from its inception date?
Which symbol is used to designate dealer's autos specifically for physical damage coverage?
Which symbol is used to designate dealer's autos specifically for physical damage coverage?
Which coverage type explicitly excludes losses stemming from racing or stunt-related activities?
Which coverage type explicitly excludes losses stemming from racing or stunt-related activities?
Following an incident that could lead to a claim, how quickly must a claim report be submitted?
Following an incident that could lead to a claim, how quickly must a claim report be submitted?
Which specific OFAC (Office of Foreign Assets Control) restriction could potentially render the insurance policy void?
Which specific OFAC (Office of Foreign Assets Control) restriction could potentially render the insurance policy void?
What is the listed premium specifically for Garagekeepers Collision Coverage?
What is the listed premium specifically for Garagekeepers Collision Coverage?
The insured's primary garage operation is located in which city?
The insured's primary garage operation is located in which city?
What is the total Garagekeepers Premium covering all specified locations under the policy?
What is the total Garagekeepers Premium covering all specified locations under the policy?
Which company is identified as the agent of record for this GarageKeepers policy?
Which company is identified as the agent of record for this GarageKeepers policy?
Under Garagekeepers coverage, what is the deductible amount applicable per customer's auto for Collision?
Under Garagekeepers coverage, what is the deductible amount applicable per customer's auto for Collision?
What coverage applies if a customer does not have any other available insurance to cover damages?
What coverage applies if a customer does not have any other available insurance to cover damages?
Which form is used to modify the insurance provided under multiple coverage parts, including Garagekeepers?
Which form is used to modify the insurance provided under multiple coverage parts, including Garagekeepers?
Which of the following is NOT a standard condition under Common Policy Conditions?
Which of the following is NOT a standard condition under Common Policy Conditions?
According to the policy, who is primarily responsible for paying all premiums due?
According to the policy, who is primarily responsible for paying all premiums due?
What does the policy state regarding inspections conducted by the insurer?
What does the policy state regarding inspections conducted by the insurer?
What category of autos is covered under Symbol 29?
What category of autos is covered under Symbol 29?
Under which coverage symbol are customer vehicles left for service typically covered?
Under which coverage symbol are customer vehicles left for service typically covered?
Which coverage symbol is used to represent 'any auto' under the Garagekeepers policy?
Which coverage symbol is used to represent 'any auto' under the Garagekeepers policy?
According to the policy, what constitutes a 'hostile fire'?
According to the policy, what constitutes a 'hostile fire'?
What is the standard deductible for specified causes of loss under Garagekeepers coverage?
What is the standard deductible for specified causes of loss under Garagekeepers coverage?
Which of the following statements accurately reflects OFAC requirements under the policy?
Which of the following statements accurately reflects OFAC requirements under the policy?
When are reports due under the Quarterly reporting basis for the Garagekeepers policy?
When are reports due under the Quarterly reporting basis for the Garagekeepers policy?
Who is typically included in Class II – Non-Employees under the Garagekeepers policy?
Who is typically included in Class II – Non-Employees under the Garagekeepers policy?
What action is required if an auto is acquired during the policy period and covered under Symbol 27?
What action is required if an auto is acquired during the policy period and covered under Symbol 27?
What type of loss is generally excluded under the policy's nuclear energy exclusion?
What type of loss is generally excluded under the policy's nuclear energy exclusion?
If a sanctions violation occurs, what kind of policy is deemed void?
If a sanctions violation occurs, what kind of policy is deemed void?
Which party is NOT considered an insured under the Garagekeepers policy when using a covered auto?
Which party is NOT considered an insured under the Garagekeepers policy when using a covered auto?
What typically happens if the insured chooses to cancel the Garagekeepers policy before its expiration date?
What typically happens if the insured chooses to cancel the Garagekeepers policy before its expiration date?
Flashcards
GarageKeepers Policy Insurer?
GarageKeepers Policy Insurer?
Columbia Casualty Company is the insurer.
Policy Effective Date?
Policy Effective Date?
The policy's effective date is February 1, 2024.
Insured's Business Type?
Insured's Business Type?
The insured is involved in Franchise Auto Dealerships.
Total Premium Amount?
Total Premium Amount?
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Claim Reporting Company?
Claim Reporting Company?
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Coverage Symbol for Service Autos?
Coverage Symbol for Service Autos?
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Garage Operations Limit?
Garage Operations Limit?
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Duties After Loss Location?
Duties After Loss Location?
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Garagekeepers Reporting Basis?
Garagekeepers Reporting Basis?
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Not a Class I Employee?
Not a Class I Employee?
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Type of Insurance Company?
Type of Insurance Company?
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Comprehensive Coverage Deductible?
Comprehensive Coverage Deductible?
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Policy Void Condition?
Policy Void Condition?
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Physical Damage Symbol?
Physical Damage Symbol?
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Excluded Activities?
Excluded Activities?
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Claim Report Timing?
Claim Report Timing?
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OFAC Restriction Effect?
OFAC Restriction Effect?
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Collision Coverage Premium?
Collision Coverage Premium?
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Main Garage Location?
Main Garage Location?
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Total Garagekeepers Premium?
Total Garagekeepers Premium?
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Agent of Record?
Agent of Record?
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Collision Deductible?
Collision Deductible?
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Customer With No Insurance?
Customer With No Insurance?
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Form Modifying Garagekeepers?
Form Modifying Garagekeepers?
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Not a common condition?
Not a common condition?
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Who Pays Premiums?
Who Pays Premiums?
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Purpose of Inspections?
Purpose of Inspections?
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Symbol 29 Covers?
Symbol 29 Covers?
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Symbol 30 Coverage?
Symbol 30 Coverage?
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What does Symbol 21 represent?
What does Symbol 21 represent?
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Hostile Fire Definition?
Hostile Fire Definition?
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Specified Loss Deductible?
Specified Loss Deductible?
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OFAC rules impact?
OFAC rules impact?
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When are reports due?
When are reports due?
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Class II covers?
Class II covers?
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Action on acquisition?
Action on acquisition?
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Nuclear Exclusion?
Nuclear Exclusion?
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Ab initio effect due to?
Ab initio effect due to?
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Not insured?
Not insured?
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Insured cancellation refund?
Insured cancellation refund?
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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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