Commercial Auto Policies — Must List Vehicles Correctly
Posted by DSD Insurance an Acrisure Agency Partner on
Check your VINs!
Mistakes are easily made when recording a 17-digit code. As the Policyholder you must let DSD know when a vehicle is sold or needs to be removed from your policy’s coverage.
Due to privacy laws, insurance companies and DSD Insurance have no way of knowing if you no longer own a vehicle . . . UNLESS YOU NOTIFY US!!
Not having the correct vehicle listed on the policy can affect claims. If a vehicle is not on the policy, you must assume . . . it is NOT insured!
You cannot insure any vehicle you do not own or lease. You or your company must have an insurable interest in a vehicle to have coverage on it.
You can’t declare yourself a “Truck Rental Company.” The laws, procedures, and documentation involved in that process are complicated. Just understand, if someone “borrows” your vehicle, then it’s YOUR insurance policy, not theirs, that’s responsible for providing primary coverage in case of an accident or property damage.
A trailer used in your business must be listed on the policy to receive coverage for liability or physical damage. Your company must own the trailer. Why? Again, you can NOT insure a trailer without an “insurable interest”.
Please make sure the vehicle or trailer is owned and registered to the correct entity. If you are an “Inc.”, your corporation must own or lease the vehicle, not you as an individual.
“John Doe, Inc.” is not the same as “John Doe”. If you need help getting that corrected, let us know, and we can guide you on how to lease a vehicle to your corporation because, when it comes down to insurance and coverage, details matter!
Do you know who has your keys? Don’t assume that the person you trust with your vehicle has a good driving record or doesn’t pose a risk to your business or the public.
As a business owner, it’s your responsibility under every state law in the US . . . NOT to put someone behind the wheel who could cause harm.
If you don’t do your “due diligence” to make sure an individual has a valid operator’s license and /or does not have a history that you should have known about before you gave them the keys, you could be guilty of a crime!
In fact, prosecution of businesses based on the “negligent entrustment of a vehicle” are on the rise!
Don’t fall into the trap of merely asking someone or just looking at their license. Check their driving record of each and every one of your drivers . . . properly and thoroughly!
The license in their wallet does NOT tell you if it is suspended or if they have a driving history that includes DUI.
Contact DSD Insurance and, with the proper signed documentation, we will gladly provide you with that information for FREE! List ALL your drivers on your insurance policy.
Failure to do so may create problems you do NOT want to deal with . . . trust us on this!
Affordable Commercial Auto Insurance is becoming more of an increasingly rare privilege than a right!
This can adversely affect your premiums as well as your ability to qualify for coverage with the better companies!
You can always visit us online at www.dsdinsurance.com or call us at: (866) 621-1770 for more details.