Masonry Magazine April 1967 Page. 5
insurance for contractors
SECOND EDITION
Revised to include the new policy
forms and entirely new material on:
* Contract Bonds
* Architects' and Engineers'
Professional Liability
* Contractors' Equipment Floaters
* Builders' Risk Insurance
* Employee Benefit Liability
* Uniform Hold-Harmless Clauses
* Composite Rating
by
Walter T. Derk
Assistant Vice President
FRED. S. JAMES & CO.
Insurance Brokers and Consultants
Since 1858
PART VI
Comprehensive Automobile Liability is covered very thoroughly in this month's feature article on Insurance For Contractors. Take a minute now to read this installment-it will prove most valuable.
COMPREHENSIVE
AUTOMOBILE LIABILITY
This discussion will confine itself similarly to the National Bureau of Casualty Underwriters' new standard Comprehensive Automobile Liability Policy form, which parallels the General Liability Policy. Often, both coverages are available under one combined Comprehensive Liability form at neither a premium saving nor penalty. The chief advantage of a single combined policy is in having one expiration date, one insurance carrier and one place to look for coverage. This is more than offset by disadvantages when the schedules are complicated or a great number of endorsements required, in which case separate but otherwise matching policies are recommended. Sometimes automobile liability will appear as a "coverage part" of the new policy format.
The auto form provides three distinct coverages and, for no additional premium, provides considerable more coverage through a very broad insuring agreement. Schedule Automobile Policies costing 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 an occurrence (as defined) 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 (Continued on page 7)
MASONRY April, 1967
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