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Demystifying the Business Auto Coverage Form
Length: 3 Hours
The Business Auto Policy (BAP) is the 'go to' coverage form for our clients who have liability and physical damage exposures. Protection for autos owned by, used by and even those autos not owned by our clients, but for whom they have vicarious responsibility can be afforded coverage in a properly-written BAP. This session will remind insurance professionals that coverage in the BAP must be 'constructed'. Much like a puzzle, once properly put together, the BAP is a work of art. If not properly constructed, any missing pieces of the puzzle can be result in anything but a beautiful picture. A thorough review of definitions, Symbols, the liability Insuring Agreement and exclusions will remind the participant how important it is to limit the missing puzzle pieces.
Learning Objectives- Review of the importance of definitions in the BAP
- Determination of how Symbols 'work' in the BAP
- Importance of the elements in the Covered Autos Insuring Agreement in the BAP
- How exclusions and conditions can eliminate coverage and defense in the BAP
Major Subjects
- Why the Business Auto Policy when a client may qualify for a Personal Auto Policy
- How BAP Declarations are effectively used - tricks and traps that can lead to E&O risk for the agent
- Why are Symbols used the BAP? Are they important? How does the agent limit mistakes
- How exclusions are used to determine presence of coverage for loading or unloading
Samuel T Bennett, CIC, AFIS, CRIS, CPIA, CPRM
Sam Bennett is an active retail producer, presenter, and shareholder in Harrison Agency, Inc. of Columbia, MO. He began his insurance career in 1987 and has been an Independent Insurance Agent from the beginning. He has worked with individuals, families, and small businesses his entire career. In this capacity, he has worked in the personal lines, commercial lines, agribusiness and life and health marketplaces. As a result of working with many types of clients, many carriers, and many coverage needs, Sam has grown to understand and appreciate the important ways an insurance professional must work with markets and clients in today’s insurance world.
Sam obtained his Certified Insurance Counselor (CIC) designation in 1996. He has taught coursework for the National Alliance in their CISR program since 2000, has presented in their CIC program since 2004, and in 2009 became a National Faculty Member of the Society of CIC. Sam is also a speaker in IRMI’s Agribusiness and Farm Insurance Specialist (AFIS) program and is a speaker in the AIMS Society’s Certified Professional Insurance Agent (CPIA) program. He has been called upon to offer insurance education in conferences and symposiums across the country over the past twenty plus years.
As much as he enjoys speaking on insurance topics, Sam’s true passion is cooking. BBQ and soul food are his specialties. He likes nothing more than a lively pulled pork/crawfish/catfish/collard green discussion.
