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Available coverages for ColoradoBODILY INJURY/PROPERTY DAMAGE COVERAGE (BI/PD) Bodily Injury Liability provides coverage in the event a covered Tow Truck causes injury or death to another person and the insured is considered at-fault for the accident. It covers expenses related to medical costs, lost wages, sickness, death and pain and suffering for an injured third party. It also covers legal defense costs related to claims against covered damages. Property Damage Liability provides coverage in the event a covered Tow Truck causes damage to any property and the insured is considered atfault for the accident. It also covers legal defense costs related to claims against covered damages. Available Limits: 25/50/15 100 CSL 50/100/25 300 CSL 100/300/50 500 CSL 100/300/100 750 CSL 250/500/100 1,000 CSL Rules: • The BI/PD limits must be the same for all vehicles on the policy. Tow Trucks Insurance.com will not write multiple policies for the same named insured. UNINSURED/UNDERINSURED MOTORISTS COVERAGE (UM/UIM) UM/UIM provides coverage for damages which an insured is legally entitled to recover from another party who is considered at-fault for an accident, but is uninsured or underinsured for the level of damages. Available UM/UIM Limits: 25/50 100 CSL 50/100 300 CSL 100/300 500 CSL 250/500 750 CSL 1,000 CSL Rules: • Can only be written in conjunction with BI/PD or Non-Truck. • Limits cannot exceed BI/PD or Non-Truck limits. • Limits may be lower than BI/PD or Non-Truck limits, or coverage may be rejected entirely, provided the customer signs the appropriate block on the application. • Limits must be the same for each power unit of a multi-Tow Truck risk. UNINSURED MOTORIST PROPERTY DAMAGE COVERAGE (UMPD) UMPD provides coverage in the event an insured Tow Truck is damaged by an uninsured motorist who is considered at-fault for the accident. Available UMPD Limits: 15 w/$250 DED 15 w/$0 DED Rules: • UMPD is optional and can only be written in conjunction with UM/UIM. • Coverage may be rejected provided the insured signs the appropriate block on the application. PHYSICAL DAMAGE COVERAGE Collision provides coverage in the event of a loss or damage to an insured Tow Truck caused by a collision or overturn. Collision must be written with Comprehensive or Fire & Theft with CAC. Comprehensive provides coverage in the event of a loss or damage to an insured Tow Truck caused by incidents other than a collision. This includes damages due to fire, theft, vandalism, windstorm or contact with an animal. Fire and Theft with Combined Additional Coverages provides coverage in the event of a loss or damage to an insured Tow Truck caused by a specific occurrence. The damage or loss must be caused by: fire, lightning or explosion; theft; windstorms or hail; earthquakes; flood or rising waters; vandalism; while being transported by a third party; or by a collision with an animal. Available Deductibles: 100 250 500 1,000 2,500 5,000 Rules: • Eligibility for Comprehensive coverage is determined by Tow Truck type. • Comprehensive or Fire and Theft with CAC can be purchased without Collision coverage, as long as BI/PD is also purchased. • Physical Damage Only policies can be written. Tow Trucks Insurance.com allow an Unlimited Radius on Physical Damage Only policies. The limit of liability and rate are based upon a Tow Truck’s Stated Amount (not cost new). Using Stated Amount provides a superior value by allowing our insureds to customize their policy to accurately capture a Tow Truck’s true value. The easiest way to establish a Stated Amount is to consult a book or other publication. Other possibilities include consulting with a dealer/manufacturer or checking Internet sites. When determining Stated Amount, remember to take condition, mileage and location into consideration. Also consider any Tow Truck upgrades, engine or major component rebuilds that could further increase a Tow Truck’s value. Possible resources include: • Valuation Publications & Internet Sites - Truck Blue Book, truckpaper.com, tradeonline.com • Dealerships - What is the current retail value of the Tow Truck? • Manufacturers - What is the special or permanently attached equipment worth? • Lending/Financial Institutions - What is the current Blue Book value of the Tow Truck? • Market-Value Software - N.A.D.A. (possible fee involved for the software) A Stated Amount must be maintained to remain accurate. Each time a policy term renews, you should review the values of all insured vehicles and modify stated amounts as needed to ensure they remain accurate. ON-HOOK TOWING LIABILITY COVERAGE On-Hook is a towing specific coverage that provides physical damage coverage for an auto or watercraft while being towed by an insured’s covered vehicle. The coverage provides protection to the named insured when found liable for damage resulting from fire, theft, explosion, vandalism or a collision. Available Limits: 15,000 25,000 50,000 100,000* Available Deductible: 500 1,000 Rules: • This coverage is only available on tow trucks, car carriers, and dually pickups with a fifth-wheel hitch. If any vehicle has this coverage, all towing vehicles must have the coverage. • Limits must be the same for all eligible vehicles. • This coverage cannot be purchased unless BI/PD is also purchased. • This coverage is not the same as Cargo coverage. |