Commercial Vehicle Insurance: A Story
If you run a business in Alberta, you may be in need of Commercial Vehicle Insurance. Keep in mind, not all commercial vehicle policies are the same and choosing the right people to take care of your insurance needs is extremely important. Here is a good example.
Jim ran a successful flower delivery service in Edmonton. He started out small and worked very hard over the years to develop a list of regular customers and he had two delivery vans. Naturally, he took out Commercial Auto Insurance on both vans. However, one day a van broke down and the shop was swamped so to save time, Jim thought about loaning his pickup truck to the delivery person to use for the rest of the day. He called his insurance agent to see if the truck would be covered. Yet, he never got a call back, but Jim decided to go ahead and take a chance, anyway.
The delivery person was on his way to a funeral parlor when he hit a large pot hole in the middle of an intersection. This threw the truck out of control and into the path of car that was headed in the opposite direction. The woman driving the car was seriously injured and Jim’s employee sustained some broken bones and bruised ribs.
When Jim contacted his insurance company about a claim, he was horrified. He had no idea that when a personal vehicle is used for business, property damage and liability is not covered on a standard non Commercial Vehicle Insurance policy. Needless to say, the damage to both vehicles and people involved were well into the six figure category. Jim learned a valuable lesson, but unfortunately it was too late to save his business. An experienced and competent insurance professional would have called Jim and advised him not to loan out his truck. This would have avoided disaster!
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