Problems viewing this email? Click Here

600px_FCS-IntelligenceTopper-New
July 30, 2015  

 
 Q&A of the Week

Coverage for Repossessed Vehicle

An Ohio subscriber recently asked the following question:

In the Auto Dealers Declarations form, under Item Six, there is a category listed as "Interests Covered—All Interests in Any Auto Not Owned by You or any Creditor while in Your Possession On Consignment for Sale." Could this coverage apply if our insured repossessed a vehicle and had the vehicle on its lot?

ANSWER: It depends on who owns the car. If the insured owns it or the creditor owns it, there is no coverage under this category. What that portion of Item Six applies to is if, for example, I own the car outright and give it to the insured on consignment for sale. The insured and I would have an interest in the car. If a creditor that owned the car gave it to the insured on consignment, that section of the form is not applicable.

So, the answer to the question depends on who owns the repossessed vehicle. Presumably, when a car is repossessed, the person that bought the car has not made the payments and the creditor is taking back the car. The creditor (perhaps the insured; you did not specify) holds the actual title until the car is paid for, but the buyer is held responsible for the ownership of the car. So, you might want to check with an attorney who is familiar with the law in your area on this point.
Read More

 
 What's New This Week in FC&S

Scheduling Personal Property for the Homeowners Insured

Homeowners forms commonly limit amounts paid for loss to certain classes of property. For example, Insurance Services Office form HO 00 03 05 11 limits are: money ($200); securities ($1,500); watercraft ($1,500); trailers ($1,500); theft of jewelry and furs ($1,500); theft of guns ($2,500); theft of silverware ($2,500); business property—on premises ($2,500), off premises ($1500-changed from $500 in the 2000 form); and some types of electronic apparatus ($1500). Read More

 
 Litigation Watch
Slogan Infringement Coverage Dispute

This case came before the court upon the cross motions by the parties for summary judgment. This case is Auto Mobility Sales v. Praetorian Insurance Company, 2015 WL 3970578.

Auto Mobility Sales, the insured, sells and rents handicap-enabled vehicles. Florida Van Rentals, d/b/a Discount Mobility USA and Medical Travel, filed a lawsuit against Auto Mobility alleging claims of unfair competition and trademark infringement for using the terms "discount mobility" and "medical travel" in advertisements.

Auto Mobility was insured under a general liability policy issued by Praetorian. This policy applied to damages because of personal and advertising injury but excluded coverage for infringement of copyright, patent, trademark, or secret. However, an exception to the exclusion allowed coverage for infringement, in the named insured's advertisement, of copyright, trade dress, or slogan. When the insured was sued, it sent the complaint to Praetorian, but the insurer declined coverage, asserting that the policy excludes the trademark infringement claims made by Florida Van Rentals.
Read More
   
 FC&S Ask the Experts
Did you realize that the Q&A section of FC&S is made up of questions submitted by subscribers like you?

Paid subscribers to FC&S Online or print FC&S Bulletins are invited to submit insurance coverage questions to the editors. We'll provide a personalized opinion within five business days. (We'll let you know if it will be longer than that. Sometimes we have to gather research or other supporting materials).

Who knows? Your question may be featured (anonymously) in the online Q&A of the Week or as an FC&S update.

Submit your coverage interpretation question right to the editors of FC&S for quick and reliable information. Ask our expert staff a question by clicking here.
 
 Maximize Your FC&S
 Online Subscription!
FC&S editors regularly conduct web-based demos of the service. Feel free to contact Christine Barlow, cbarlow@ SummitProNets.com, to set one up! They only take 30 minutes, a small investment of time that will help you learn all that FC&S Online has to offer.
 
 Contact Us
As always, your comments and questions are welcome.

Contact us at:
FC&S Department
Phone: 800-543-0874
Fax: 859-692-2293
Email: eAlerts@nuco.com
The Zalma Insurance Claims Library
293px_FCS_ZalmaComboImage  
Insurance Claims: A Comprehensive Guide
The only source you'll need to successfully handle insurance claims from start to finish. More Info
Construction Defects Coverage Guide
Your single-source for identifying, insuring, investigating, prosecuting, and defending cases that result from construction defect claims. More Info
Mold Claims Coverage Guide
This guide will allow you to handle mold insurance claims and litigation resulting from mold or fungi related disputes with confidence. More Info
For more information about these titles Click Here
 
FC&S Team
Kelly Maheu, J.D.
Publisher
  Diane W. Richardson, CPCU
Consulting Editor
Christine G. Barlow, CPCU
Managing Editor, FC&S
  Diana B. Reitz, CPCU, AAI
Consulting Editor
David D. Thamann, J.D., CPCU, ARM
Managing Editor, FC&S Bulletins
  Emily Brunner
Online/Print/Production Editor
Susan L. Massmann, CPCU
Managing Editor, Electronic Publications
  Tosha Brinkman
Marketing Manager
Donald S. Malecki, CPCU
Contributing Editor
  Donna Cozatchy
Creative Director
Barry Zalma, Esq., CFE
Contributing Editor
 
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting or other professional service. If legal advice is required, the services of a competent professional person should be sought.

To ensure future delivery of email, please add admin@list.nationalunderwriter.com
to your address book, contacts or safe sender list.
You have received this email at %%merge members_.emailaddr_%%.
Click here to unsubscribe from %%merge list.descshort%%
Copyright ©2015 Summit Professional Networks, A Division of ALM Media LLC.
All rights reserved.
 
120px_ALM_NT_CMYK_Small
4157 Olympic Blvd., Suite 225
Erlanger, KY 41018
1-800-543-0874