What is Property Damage Liability and in which AL3 group its details can be found in Personal Lines policies? Which elements are important in this group to get the details?

24.02.2022
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PROPERTY DAMAGE LIABILITY:

Automobile insurance covers property damage liability. If the person (insured) is at fault who caused damage to another person’s property or vehicle, it helps in covering damage charges of another person which took place in a car accident. In most states, it is mandatory to take property damage liability coverage. However minimum amount requirement of property damage liability depends upon the state in which the insurance policy has been taken.

INCLUSIONS IN PROPERTY DAMAGE LIABILITY:

  • PRIVATE PROPERTY: vehicles, houses, lawn, fence.
  • PUBLIC PROPERTY: street lights, fencing, building, road sign boards, damage to public parks

ACORD AL3 coverages are found in three code list categories:

  • ACVCD: Personal lines auto coverage codes list
  • COVCD: Commercial lines coverage codes list
  • HCVCD: Personal lines (except personal auto) coverage codes list

ACORD AL3 GROUPS IN WHICH IT CAN BE FOUND IN PERSONAL LINES POLICIES:

  • 6CVA: (Personal Automobile Coverage and Adjustments Group) This group covers coverages related to personal automobiles e.g. property damage coverage, bodily injury liability, collision coverages, comprehensive, etc. It uses the ACVCD code list.
  • 5CVG: (Commercial Lines Coverage Group) this group covers coverages related to commercial lines business. It includes coverages like property damage liability, bodily injuries, collision coverages, comprehensive, etc. it uses the COVCD code list.
  • 6CVH: ( Homeowners and Dwelling Fire Coverage and Adjustments Group) this group covers coverages related to personal lines of business except for personal automobiles.

Elements named limits, deductibles, and coverage codes are present in accord al3 groups( 6CVA, 6CVH, and 5CVG ) which utilize code list values provides complete information regarding commercial as well as personal lines of business. These elements are important in the coverage group to get complete information regarding policy coverage. The code list (ACVCD, COVCD, HCVCD) covers every type of coverage like fire, theft, property damage, bodily injury, earthquake, etc.) if we want to get information regarding personal lines of business then we will first select al3 group (6CVH Or 6CVA), element name ( limits, deductibles, or coverage codes), and then its corresponding code list.

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