Masonry Magazine April 1967 Page. 7
Insuranance For Contractors
(Continued from page 5)
insured; there is no added charge for the latter. Rating basis, usually per vehicle insured.
Example No. 1
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.
Example No. 2
Each working day five or six large trucks belonging to a contractor backed into a narrow alley adjoining the property for loading. Because of the tight squeeze, ruts and snow, some of the trucks occasionally bumped into a nearby garage. The damage was not particularly noticeable at first, but eventually the garage toppled over, damaging not only the building but also a boy's bike parked inside.
Although the claim could not be pinpointed to any one accident, date or vehicle, the contractor's Automobile Liability insurance paid for the damage.
DIVISION II: HIRED AUTOMOBILES
Covers the named insured-and in this case not the lessor for bodily injury or property damage caused by an occurrence and arising from use of a hired vehicle. We have already seen that vehicles operated by the named insured under long term lease may be insured just as if they were owned in consideration of a specified car premium charge. Optionally, the insured may instead pay a premium charge per $100 cost of hire, subject to adjustment at final audit. The latter method does not permit naming the owner as additional insured. Short term lease agreements automatically come under this division, as do those long term leased cars not specifically endorsed onto Division I of the policy.
Example
The insured hired a truck to deliver building materials during a peak rush and, driven by his own employee, it damaged a parked car. The claim was settled under Hired Automobile Liability, the insurance carrier making a premium charge based on the cost of hire at the time of final audit.
The premium rates per $100 cost of hire may be reduced 95% upon presentation of a certificate of insurance from the lessor as evidence of primary insurance applying also to the lessee. These should be given to the auditor along with the cost of hire figures to permit calculation of the reduced rates.
DIVISION III: EMPLOYERS' NON-OWNERSHIP LIABILITY
Covers the named insured only for business use of automobiles individually owned by employees or firm members, but not partners, resulting in bodily injury or (Please turn page)
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ALA, File Div. 4
1965 CE Spec.
Data file S-a
MASONRY April, 1967