What it does
CA 03 02 serves the same purpose as CA 03 01: a per-accident deductible that applies either to all Covered Autos Liability damages or to property damage liability only. ISO files it for a different group of states. The 10 13 edition is a two-page form, like CA 03 01.
Who needs it
Mid-size and large fleets in these states seeking premium credit in exchange for retaining small liability claims.
Key points
- Use the version filed for the state where the risk is written; agents should not substitute CA 03 01 in these states.
- Read this version's wording on how the deductible is applied and collected; it is not identical to CA 03 01.
Quoting notes
Expect underwriting review of financial statements and claim frequency, and possibly a collateral requirement. Compare the premium credit with the expected retained losses over several years before recommending it.
