Sunday, January 28, 2018

Business Insurance Update by CNC Insurance Associates, “New Personal Auto Policy Has Some Interesting Endorsements and Exclusions” 1-28-18

Usually I focus this blog on business insurance topics. Today however I thought it would be interesting to bring to your attention a couple of interesting endorsements and exclusions available on the new personal auto policy that Insurance Service Office (ISO)  is set to release in late 2018. Even as business owners, this will most likely affect you as you buy personal auto insurance.

Covering injuries to pets in the car is an available endorsement that can be added to the new personal auto policy. This is way overdue as pets have become very mobile as they ride along more than ever, with their owners.
For the millennials that still live at home and need personal property coverage, the new personal auto policy will allow it to be added. However it is only on an actual cash value basis and there is no liability coverage.
Exlcuding flying cars is also in the new personal auto policy. That’s right, flying cars !  ISO has looked into the future and feels that if a policy holder owns a flying car then it has to be insured some other way. Most likley the same as aviation is insured. Only time will tell on this one.

The personal auto policy is adapting to the new world of insurance risks. I would imagine over time it will continue to evolve. Until next time be careful out there and know your risks.

G. Kevin Nemith
CNC Insurance Assoc/Hilb Group