What it does
CA 99 13 is a business auto endorsement for banks acting as fiduciaries (for example, as executor or trustee of estates that own autos). It:
- adds an exclusion for the insured's liability as fiduciary arising from bodily injury or property damage that occurred before the bank first had the right or duty to act as fiduciary;
- adds employees as insureds for any covered auto not owned by the bank, the employee or the employee's household, while used in the bank's business; and
- provides that the Transfer Of Rights Of Recovery Against Others To Us condition does not apply to the insured's right of exoneration or reimbursement from property for which it is fiduciary.
Who needs it
Bank trust departments and trust companies whose fiduciary role may make them answerable for autos owned by estates or trusts.
Quoting notes
Ask how many estates and trusts hold autos, whether the bank permits use of those autos, and how employees travel on trust business. Lender collateral exposures are handled by CA 20 19 and the single interest forms.
