Business Automobile Policy (bap)
Definition of "Business automobile policy (bap)"
Coverage for automobiles used by a business when a liability judgment arises out of the use of the automobile, or the automobile is subject to damage or destruction. The business can select coverage for any auto in use,. whether business, personal, or hired. The policy is organized as follows:
- Parts I, II, and III define terms used in the policy, such as auto, accident, insured bodily injury, property damage, territorial limits of coverage.
- Part IV LIABILITY INSURANCE in a liability judgment against the insured business and/or individual, the insurance company will pay the monetary damages up to the limit of the policy. Negligent acts and/or omissions of the insured business and/or individual must arise out of the ownership and operation of a covered auto, subject to specific exclusions.
- Part V physical damage insurance in the event of damage to an auto, the insurance company will pay under one of two categories: COMPREHENSIVE INSURANCE-damage resulting from fire, explosion, theft, vandalism, malicious mischief, windstorm, hail, earthquake, or flood; or collision insurance damage resulting from colliding with another object or the overturning of the insured auto.
- Part VI CONDITION stipulate what the policyholder must do in the event of a loss, such as give notice to the insurance company; submit proof of the loss; submit to inspection of damaged property by the company; cooperate with the company in the event of a liability suit.
Popular Insurance Terms
Periodic payments to an injured person or survivor for a determinable number of years or for life typically in settlement of a claim under a liability policy. Terms may include immediate ...
Risk management control device used to minimize accidents and injuries to employees resulting from an unsafe working environment. For example, potential cumulative trauma disorders losses ...
Law that established rules and regulations to govern private pension plans, including vesting requirements, funding mechanisms, and general plan design and descriptions. For example, three ...
Insurance that usually follows the format of comprehensive health insurance plans in that there is a coinsurance requirement of usually 75 to 80%, and a limit on benefits for any one person ...
Fixed or stated amount of interest paid by a security expressed as a percent of the par value of the security. The longer the length of time until maturity, the higher the coupon rate to ...
Income paid to a worker who is temporarily disabled by an injury or sickness that is not work related. Compare with workers compensation benefits, which are available only to workers ...
Model state law of the NAIC that stipulates that the purchaser (debtor) of a credit life insurance (creditor life insurance) policy must be provided a descriptive policy; the policy must ...
Injury covered under workers compensation insurance. For every part of the body that may be injured, there is a listed financial sum that will be paid. For example, a right severed index ...
Insurance policy underwritten and issued by a syndicate listing each risk insured by each syndicate member. ...
Have a question or comment?
We're here to help.