The first priority is the condition of those involved. Call for medical help if anyone at the scene is injured. Notify the police as soon as possible. Obtain the names, addresses, and telephone numbers of all persons involved, including passengers and witnesses, and the license plate numbers of all other cars involved. It's best not to admit an accident was your fault, even if you think it was. A simple apology can be construed as an admission of fault. Let the authorities determine who was responsible. Auto accidents can be disorienting even if you are not physically injured. You may not be aware of all factors leading up to the crash, so state only what you know about what happened. Contact your insurance company as soon as possible, even if damages were minor.
As used in property insurance, prohibits the insured from abandoning damaged property to the insurance company for repair or disposal.
Accounts Receivable Coverage
Covers loss of sums owed to the insured by its customers that are uncollectible due to damage by an insured peril to accounts receivable records.
Actual Cash Value (ACV)
Cost to repair or replace damaged property with materials of like kind and quality, less depreciation.
A person or organization for whom insured status is arranged by endorsement.
General liability coverage that insures against libel, slander, invasion of privacy, copyright infringement and misappropriation of advertising in connection with the insured's advertising of its goods or services.
The maximum amount an insurance company will pay during the policy.
All Risk Coverage
Property insurance covering loss arising from all causes except those specifically excluded.
A form with the information needed for an insurance company to underwrite and rate a specific policy.
A verification of the financial records, usually payroll or receipts, of an organization to determine exposures and premiums.
A land motor vehicle, trailer or semi-trailer designed for travel on public roads, not including 'mobile equipment'.