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liability coverage

Discussion in 'Business Fundamentals' started by cjasonbr, Sep 3, 2006.

  1. cjasonbr

    cjasonbr Senior Member
    from Mass
    Messages: 635

    Went to the agent friday and said i wanetd 1 mil of liability coverage. Wel i don;t think she gave me gen liability. The quote summery says,
    "Experience Mod.: Liability Physical Damage Schedule Mod: Liability Physical Damage"

    What the hell does this mean, it doesn't sound like general liability to me!*#&@$^ It sounds like i'm covered if i run into something and cause 1 mil in damages, which would NEVER happen. And the annual premium for this policy is already at $2,750 per truck... errrrr
    Also, what does it mean if it says, "Policy Type: Involuntary"????

    Anyways, any help is greatly appreciated.. THANKS!
  2. Mick

    Mick PlowSite.com Veteran
    from Maine
    Messages: 5,546

    I think you need to clarify with your agent that you are wanting Business General Liability (GL) for plowing snow. Although at your age, if you live in a metropolitan area, that sounds about right.

    Policy Type: InIvoluntary for insurance usually refers to motor vehicle insurance which is required by state law. If you become a "high risk" driver, generally you are assigned insurance from a pool of insurers at a substantially higher rate that the general population for your age. Business general liability is not technically "required" by state law for conducting business, therefore it is not usually considered "involuntary". Although in practice it might seem like it. It goes like this - Without General Liability insurance, your insurer may be unwilling to write a Commercial Vehicle policy. So although State law does not require GL insurance, your insurance company might. This is still not considered involuntary.

    I really can't help much with Experience Mod.: Liability Physical Damage Schedule Mod: Liability Physical Damage except to say - never say "never" .:waving:
  3. cjasonbr

    cjasonbr Senior Member
    from Mass
    Messages: 635

    Thanks for the reply Mick.... i don't live in a metro area at all.... so i'm sorta PO'd that that amount of $ wouldn't include general liability... i'm going to call the Farm Family agent a couple towns over on Tuesday.
  4. murray83

    murray83 Senior Member
    Messages: 420

    i found that under 25 years of age its harder to get insurance.maybe thats why the increase?