What does Symbol 5 in Commercial Auto Insurance denote?

In Commercial Auto Insurance, Symbol 5 specifically refers to liability coverage for owned autos that are subject to no-fault laws. This means that if an accident occurs involving these vehicles, the insurance will cover the damages according to the no-fault regulations of the state where the vehicle is registered. No-fault insurance systems are designed to provide benefits for the insured without assigning blame for the accident, which can streamline the claims process.

This option highlights the importance of understanding the specific designations of symbols in commercial auto insurance, as they directly influence the coverage and the circumstances under which that coverage applies. By identifying Symbol 5 accurately, you ensure that you are considering the necessary legal and insurance framework relevant to vehicles owned by the business that are involved in accidents in no-fault jurisdictions.