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 Garage 101. Have I scared you yet? Anything 101 brings back days of old. Don’t worry - we won’t be having a quiz or test. Garage is one area that can be very confusing to a lot of us. I wanted to get to the bottom of this garage thing once and for all. I have asked Sarah Crews, our resident garage guru, to get me a brief run down of the different coverages that are available. I hope if you have any questions you’ll give Sarah Crews or any of our helpful staff a call to lend you a hand. Thanks and see you next month. -Michael A garage policy is both an auto policy and a general liability policy combined. In addition to premises and operations coverage, it provides coverage for the auto exposure inherent to garage operations. A garage risk will be classified one of two ways: dealer or non-dealer. The difference is that a dealer policy is very broad. It provides premises, operations, and OWNED auto coverage. A non-dealer policy provides premises, operations, and NON-OWNED auto coverage! To quote a garage risk we need the location of the lot, radius of operation, number of dealer tags, prior carrier information, loss history, and years of experience. We need a list of employees and non-employees who are furnished auto, including date of birth and job title. We need all owners and employees listed (not just those who drive). Dealer’s Open Lot is physical damage for owned vehicles, such as used autos that are held for sale by the insured. Dealer’s physical damage must reflect the actual exposure, meaning the total value of all owned autos held for sale. We must insure to the appropriate value as our policy contains an 80% co-insurance clause. Garagekeepers is physical damage coverage for non-owned vehicles in the care, custody, and control of the insured. This coverage is provided for service type operations such as auto body shops, mechanics, and wrecker services. The amount of garagekeepers must reflect actual exposure, which would be the total value of all autos in the care, custody, and control of the insured. Garage risks can be complicated. We at ARGENIA are here to answer your questions and help you provide adequate coverage for your insured. Please call us for all your garage needs. Thanks, Sarah Crews Printer Friendly Classes of Business
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