We appreciate your visit to With regard to the Commercial Auto Policy all of the following autos would be classified as owned autos EXCEPT 1 Company owned vehicles 2 Employee. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
Final answer:
In a Commercial Auto Policy, 'owned autos' include company-owned vehicles and long-term leased vehicles. However, rental vehicles under a short-term rental agreement are typically not considered 'owned autos'.
Explanation:
Concerning the Commercial Auto Policy, vehicles are considered 'owned autos' if the insured party either holds the title or has a long-term lease. This includes 1. Company-owned vehicles, which are owned outright by the business, and 3. Leased vehicles under a long-term lease, where the lease agreement is typically a contract that lasts for several years. However, the main exception would be 4. Rental vehicles under a short-term rental agreement, which are not typically covered as 'owned autos' because the user neither holds the title nor has a long-term lease.
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