Al Iglesias
Member
What is the name of your state? FL
Hello to everyone and a special hello to Beth:
In a nutshell: 2 of our eligible 10 employees have personal vehicles they use for our business and we give a monthly car allowance to. We have insurance for the other 5 employees who have company vehicles. We recently added the 2 with personal vechicles to our policy. One of these employees called us and let us know that GMAC (lienholder on this employee's vechicle) is requesting them to be listed as add'l insured. However Hartford has refused. Per our broker: See below:
"I talked to an underwriter at the Hartford and was advised that in order to provide coverage for a vehicle owned by an individual/employee on a company's policy, there must be a written agreement (leaseback agreement) between the employee and the company (insured) stating that the employee is leasing their vehicle to the company (insured). You must have this written agreement in your company file. The employee can then be listed as an additional insured on the company's policy."
Do you guys know anything about a leasback agreement??
Thanks any help would be great.
Hello to everyone and a special hello to Beth:
In a nutshell: 2 of our eligible 10 employees have personal vehicles they use for our business and we give a monthly car allowance to. We have insurance for the other 5 employees who have company vehicles. We recently added the 2 with personal vechicles to our policy. One of these employees called us and let us know that GMAC (lienholder on this employee's vechicle) is requesting them to be listed as add'l insured. However Hartford has refused. Per our broker: See below:
"I talked to an underwriter at the Hartford and was advised that in order to provide coverage for a vehicle owned by an individual/employee on a company's policy, there must be a written agreement (leaseback agreement) between the employee and the company (insured) stating that the employee is leasing their vehicle to the company (insured). You must have this written agreement in your company file. The employee can then be listed as an additional insured on the company's policy."
Do you guys know anything about a leasback agreement??
Thanks any help would be great.