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Frenkel & Co., Inc. Company
A Business Auto Policy will cover vehicles owned or leased by the adviser entity. Even if the firm doesn't own or lease vehicles it can still have an automobile exposure if employees or partners rent vehicels on company business, or if employees use their personal cars on company business.
| Coverage | Description |
|---|---|
| Auto Liability | Covers claims for third party bodily injury and property damage liability. The policy covers defense costs and any resulting judgment or settlement, usually without a deductible. The standard limit for a Business Auto Policy is $1,000,000 Combined Single Limit (CSL). The limit is said to be Combined because it pays for both bodily injury and property damage limit - as opposed to having one limit for bodily injury liability and a second limit for property damage liability. If you have an auto liability claim, the insurance company has a duty to defend you, and will hire an attorney to conduct your defense. A good Business Auto Policy will have "Symbol 1" coverage, which means that any auto is covered. Drivers are not listed on a Business Auto Policy. Anyone with permission may drive a vehicle. |
| Personal Injury Protection (PIP)/ No Fault | This coverage is mandated by statute in some jurisdictions, such as New York. No fault or PIP coverage provides first-party benefits for medical expenses, loss of income, funeral expenses, and similar expenses without regard to fault. The exact coverage and limits provided varies by state. |
| Uninsured / Underinsured Motorists | Covers you for bodily injury (and in some states) property damage when you are in an accident with a driver who either has no insurance or insufficient auto liability limits. The threshold for triggering coverage varies by state. |
| Comprehensive | Covers physical damage to the vehicle for perils such as fire, theft, windstorm, flood, and vandalism - basically everything except collision or upset. Normally subject to a deductible. |
| Collision | Covers physical loss to the vehicle due to its colliding with another vehicle or object or the overturn of the vehicle. Normally subject to a deductible. |
| Hired & Non-Owned Auto Liability | Every hedge fund should have this coverage - even if your firm does not own or lease a vehicle. Covers claims for bodily injury or property damage liability arising out of rental cars or employee cars. Coverage is provided on an excess basis, over the primary coverage provided by the rental car company or the employee's personal auto insurance. |
| Rental Reimbursement | Covers the cost of renting a car if your insured vehicle is in an accident. Coverage is normally provided for a fixed sum per day for a set number of days, such as $30 per day for 30 days. |
| Auto Medical Payments | Covers without regard to fault, medical expenses for an insured and passengers who sustain bodily injury caused by an auto accident. The usual limit for this coverage is either $5,000 or $10,000. |
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| Business Auto Policy | Type | Size |
|---|---|---|
| Zurich Auto sell sheet |  |
155K |
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