Masonry Magazine May 1965 Page. 5
Special Report:
On a subject matter of vital concern to every responsible mason contractor.
INSURANCE FOR CONTRACTORS
By Walter T. Derk, Fred S. James & Co.
The Mason Contractors Association of America is pleased to present this Special Report on "Insurance For Contractors". It is a comprehensive guide to liability exposures common to the Construction Industry and the Insurance coverages available to protect against them. The Report will cover General Liability, Property Damage, Contractual Liability, Illinois Scaffolding Act, Automobile Liability and Workmen's Compensation. Make sure you read this and every part of this masonry feature.
Part V
COMPREHENSIVE AUTOMOBILE LIABILITY
This discussion will confine itself similarly to the National Bureau of Casualty Underwriters' standard Comprehensive Automobile Liability Policy form, which parallels the General Liability Policy. Often, both coverages are available under a combined Comprehensive Liability form at neither a premium saving nor penalty. The chief advantage of a single package policy is in having one expiration date, one carrier and one place to look for coverage. This is more than offset when the schedules are complicated or a great number of endorsements required, in which case separate but otherwise matching policies are recommended.
The auto form provides three distinct coverages and, again for a minimal additional premium, provides considerably more coverage through very broad insuring agreements. Schedule Automobile policies costing about as much agree to pay on behalf of the insured claims resulting from ownership, maintenance or use of the automobile; the comprehensive form agrees to do so for any automobile.
DIVISION I Owned Automobiles
Automobiles Under Long Term Lease
Covers legal liability for bodily injury or property damage caused by accident and arising from the ownership, maintenance or use of owned automobiles anywhere in the United States, its territories, possessions or Canada. This same section permits coverage for vehicles operated by the named insured under long term lease, where the lessee provides primary insurance and the lessor is named as additional insured; there is no added charge for the latter. Rating basis, usually per vehicle insured.
Example
A truck owned by the named insured damaged a parked car in making a delivery. Though the truck was acquired after the policy was written and is not included in the schedule of owned vehicles, coverage is automatic under the Comprehensive policy form, with the additional premium charge being picked up at final audit. The resultant property damage claim is fully covered.
DIVISION II Hired Automobiles
Covers the named insured-and in this case not the lessor for bodily injury or property damage caused by accident and arising from use of a hired vehicle.
This material is copyrighted by Walter T. Derk, 1963, and can not be reproduced in any manner without the written permission by both Mr. Derk and the MCAA.