What is Symbol 1 on my auto policy mean?

Symbol 1 on a auto policy signifies “any auto.” The significance of this coverage symbol for example could be the Kennedy Company, which buys insurance coverage for its auto exposures. Bob, the president of the company, favors a comprehensive approach and thinks any auto that the company owns, hires, borrows, or uses in its business should be insured in order to protect his company from financial loss. The company treasurer notes that the company acquires new autos occasionally, but he does not always have the time to report these new cars to the insurer thus creating an exposure.

In order to handle the request of the insured, the insurance agent for the Kennedy Company uses symbol 1, “any auto”. Symbol 1 meets the comprehensive approach that Bob wants. And, it doesn’t need any correspondence to the insurance company every time an auto is acquired. The BAP covers such autos automatically under symbol 1 for the remainder of the policy period.

Category: Auto Insurance