Although the term “symbols” has many definitions, some of the most interesting ones are those on the “declarations page” of your commercial auto policy. This is the page that indicates all of the coverages you’ve purchased. In a column preceding each coverage, you’ll usually find a number, or numbers, from 1 to 9. In specific circumstances, the numbers might be higher.
These numbers, called “symbols”, specify exactly which of your vehicles has a particular coverage. So the choice of the symbols is important to be certain that you have the protection you need. For example, the symbol “2” is defined in the policy as “any owned auto.” If this symbol is next to your liability coverage, it means that every vehicle you own that meets the eligibility requirements for a commercial auto policy will automatically enjoy the specified amount of liability coverage.
Many small businesses might find it easier to list each vehicle specifically. But as your firm — and your number of vehicles — grows, you’ll enjoy more flexibility by using the available symbols properly. It’s just as important to be certain which obligations certain symbols impose on you. For example, a symbol “7,” defined as “specifically described autos only,” requires that for an auto to be covered, it must either be listed in the policy or, if newly acquired, meet certain conditions.
Don’t let an oversight or misunderstanding about the meaning or implied obligations of these symbols’ meanings lead to a costly uninsured loss. Our commercial auto professionals will be happy to review your current coverage provisions with you at your convenience.
