Self Insured Retention (SIR)
Acts the same way as a deductible but the insured is responsible for all legal fees incurred in relation to the amount of the SIR.
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Single Deductible Endorsement
The single deductible endorsement limits the number of deductibles you have to pay after a covered loss. Typically you have three deductibles: one for the tractor; one for the trailer; and one for cargo. With a single deductible endorsement you may be able to limit the number of deductibles you pay to one.
Learn more about single deductible endorsements.
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Sole Proprietorship
A sole proprietorship is a one-owner company that is not registered with the state as an LLC or corporation. The owner of a sole proprietorship is personally responsible for the debts and liabilities of the company and reports the company's losses and profits on his or her personal taxes.
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Split Limits
A series of three numbers (ex. $15,000/$30,000/$10,000), split limits describe the predetermined maximum amounts to be paid on bodily injury liability coverage and property damage liability coverage per person and per occurrence or accident.
Example: A split limit of $15,000/$30,000/$10,000 would pay out, per accident, up to $15,000 in bodily injury liability coverage for each covered person injured in the accident and up to a maximum total of $30,000 for all covered people injured in the accident. It also would pay out up to $10,000 in property damage liability coverage.
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Stated Amount
A stated amount is the value submitted by the insured as representative of the current value of an insured vehicle, after accounting for depreciation and including the value of any special or permanently attached equipment.
Learn more about stated amount.
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Subrogation
A legal right reserved by most insurance companies. Subrogation is the right of an insurance company to pursue recovery from a third party. This is done as a means of recovering the amount they paid for a claim from the one legally liable for the loss.
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Surety Bond
A surety bond is a promise to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation.
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Tort Threshold
In no-fault auto insurance, the measure of the minimum injury severity which, once reached, allows the injured party to sue for non-economic damages.
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Totaled aka Total Loss
Totaled (shorthand for total loss) is a term used in the insurance industry. It means when a vehicle is damaged and the cost of repair less the salvage value of the vehicle would exceed the actual cash value of the vehicle.
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Trailer Interchange Agreement
A trailer interchange agreement is a written contract between truckers or trucking companies that provides for the loan of trailers by the owner to a third party.
Example: Joe's Trucking Company has a trailer interchange agreement with Sue's Trucking Company. Joe hauls a trailer full of cargo from point A to point B. Sue takes Joe's trailer and hauls it from point B to point C for Joe.
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Trailer Interchange Coverage
Trailer interchange coverage provides physical damage insurance for trailers that you do not own while they are in your care, custody or control, such as being hauled under a trailer interchange agreement.
Learn more about trailer interchange insurance.
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Transporter Plates
Transporter plates are for the purpose of transporting unregistered vehicles from one point to another (usually from the manufacture to a dealer lot). These plates may be moved from vehicle to vehicle. Transporter plates are registered to a business, not to a specific vehicle. Transporter plates may be used to move, boats, mobile homes, trucks, and other motor vehicles.
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Underinsured Motorist Coverage (UIM)
If a driver or owner of a vehicle is legally liable for an accident but does not have enough insurance to cover your injuries, you can use your UIM coverage for injuries, including death, that you, your resident relatives and the occupants of your insured vehicle sustain, up to the limits you select. In some states, UIM coverage is included as part of UM coverage.
Learn more about underinsured motorist (UIM) insurance.
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Uninsured Motorist Coverage (UM)
If a driver or owner of a vehicle does not have insurance and is legally liable for injuring you in an accident, you can use your UM coverage for injuries, including death, that you, your resident relatives and the occupants of your insured vehicle sustain, up to the limits that you select.
Learn more about uninsured motorist (UM) insurance.
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Uninsured/Underinsured Motorist Property Damage Coverage (UMPD)
If a driver or owner of a vehicle is legally liable for an accident but does not have insurance or does not have enough insurance to repair the damage to your vehicle, you can use your UMPD to cover damage to your insured vehicle, up to the limits you select. UMPD is not available in all states and may be available as an alternative to collision coverage in others.
Learn more about uninsured/underinsured motorist property damage (UMPD) insurance.
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Unladen Liability
Commercial auto liability insurance providing coverage for owner operators or independent contractors who do not have their own operating authority. The coverage is intended to respond to bodily injury and property damage liability claims arising when the owner operator/independent contractor is operating their power unit with or without an attached empty trailer and are not under dispatch of a motor carrier.
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