A sample automobile insurance declaration page can serve as a guide or a reference in writing up your own auto insurance policy. Its an important insurance terminology meaning an accident which falls outside of the limits of your coverage falls under the purview of your insurance policy. Your declarations page, essentially your policy info has changed from liability coverage to primary use of your vehicle. If there were an accident and no one is injured then you would have primary coverage. You would not need anything else.
For instance, if the other driver caused an automobile accident and you were injured in the process, then your business insurance declaration page would indicate that you were hit by a motor vehicle and so, liability coverage would kick in. The next section after liability would state the amount of damages you suffered as well as the legal costs incurred in treating you for injuries. This section is known as the out of pocket expense section. On your auto policy declarations page, under your policy declarations, you must have a line item for this out of pocket expense.
The next area would be the portion of your insurance declaration page that indicates what type of coverage you have. You have to determine what types of coverage you want as well as the amount of coverage from your insurer. Your declarations page will likely note whether you are required to maintain windshield replacement coverage, comprehensive coverage, bodily injury and property damage coverage, uninsured/underinsured motorists coverage, rental reimbursement coverage, etc. Your declarations page will also mention if you are required to pay premiums annually, semi-annually, quarterly, or monthly. If you elect to pay annually, you may choose from many different payment options such as monthly installment, credit card payment, and others.
Your declaration page will also list the deductibles you choose to pay on your auto insurance policy declarations page. Deductibles are amounts that must be paid before your insurer will pay the costs of your claims. You can choose to have the deductibles assessed against your premiums or you can choose to have the deductibles assessed automatically by your insurer.
The last section of your declaration page is the current department(s) to which you belong. You will typically be given the names of three current departments: business and commercial, property, and homeowners. Your declarations page will indicate if your company is insured as an entity by one or more of these current departments. The current department to which you belong is important for several reasons. For instance, it will indicate whether or not you need to modify your homeowner's declaration page in order to meet the requirements of your state insurance department.
State insurance departments usually do not regulate small businesses as they do large corporations. However, state farms do regulate insurance companies to ensure coverage is maintained for the benefit of the general public. For example, state farms will sometimes fine insurers that fail to properly calculate their premiums and understate their losses. This is because state farms use a similar formula to determine premiums. Insurers may also be penalized by having their business shut down for nonpayment of premiums. Therefore, it is crucial that you fully understand your state Farm Insurance Declaration Page and the current market conditions that govern it.
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