What it does
Symbol 8 hired autos excludes autos hired from employees, and the business auto form does not make an employee an insured for an auto he or she owns. CA 99 47 solves both problems for the autos described in its schedule:
- Each scheduled auto is considered a covered auto the named insured owns, not one it hires, borrows or leases.
- While a scheduled auto is leased to the named insured by one of its employees, Who Is An Insured is changed to include that employee.
Who needs it
Closely held companies where an owner or employee personally owns a truck or car and leases it to the company; trucking operations with employee-owned equipment.
Quoting and selling notes
Rate the auto as owned (the Massachusetts residual market manual refers lessor-employee situations to CA 99 47). Get a copy of the lease and confirm the employee's personal policy is not also insuring the vehicle. Non-employee owners use CA 99 16 or CA 20 01 instead.
