Insurance Terms

BMC91 (X)
Auto Liability filing sent to the Federal Highway Administration by the insurance company as proof of liability insurance.

Form E Filing
Auto Liability filing sent to a specific state by the insurance company as proof of insurance.

MCS-90 Endorsement
Auto Liability endorsement evidencing that a motor carrier has the minimum amounts of financial responsibility required by the federal government.

OS-32 Endorsement
Auto Liability policy endorsement required by the State of Ohio for obtaining special hauling permits for oversize and /or overweight motor carriers

Form H Filing
Motor Truck Cargo filing sent to a specific state by the insurance company as proof of insurance.

Bodily Injury
Any physical injury to a person

Property Damage
Direct or indirect damage to property

CAB
Central Analysis Bureau, Inc. (CAB) is a service organization for the motor carrier insurance industry dedicated to assisting underwriters with their motor carrier and passenger carrier insureds and prospective insureds.

General Liability
Covers the loss exposures arising from a business’ premises and operations, its products or its work.

Auto Liability
Covers bodily injury to others and damages to the property of others resulting from automobile accidents caused by the insured.

Hired Auto Liability
Covers bodily injury to others if insured causes an accident while they are driving a leased, hired, rented or borrowed vehicle for business use.

Non-Owned Auto Liability
Covers bodily injury to others caused by a vehicle not owned by the insured but driven by an insured employee while on company business.

Auto Physical Damage
Collision coverage insures damage to an auto owned by the insured by collision with another object or by overturn. Comprehensive coverage insures damage to an auto owned by the insured by any peril other than collision or overturn. Specified Peril coverage insures damage to an auto owned by the insured by specific perils (normally does not include glass breakage).

Trailer Interchange Legal Liability
Provides coverages for loss or damage to trailer not owned by the insured while in the insured’s possession under a written agreement in which the insured assumes liability for loss to the trailer while in their possession.

Motor Truck Cargo
Provides coverage for loss or damage to the property that the motor carrier is transporting.

Refrigeration Breakdown
Extends coverage to include the breakdown or failure of a refrigerating unit.

Actual Cash Value
The sum of money required to pay for damages or lost property, computer on the basis of replacement value less its depreciation by obsolescence or general wear.

Workers Compensation
(1) A schedule of benefits to an employee by his employer without regard to liability, required by state law in the case injury, disability, or death as the result of occupational hazards.
(2) Employee injury claims that are not covered by workers compensation statues.

May 4th, 2015 by Meeks Insurance