Archive for Motorcycle Risks
Bike sharing programs are becoming more popular as many individuals choose to diversify their transportation options. The beginning programs were municipal activities. As the number of programs has grown, for-profit companies are entering the business sometimes, as a vendor to the municipality or as an independent. The exposures include not only the injuries to the bicycle rider but also those third-parties who are injured by a bicycle while being ridden or while at a station.
Motor Scooter and Moped Rental Insurance
Tourists often rent motor scooters and mopeds. The rental may be on an hourly, daily, or weekly basis. The insurance coverage sold to the dealer or rental agency covers the motor scooter or moped while it is rented. Liability is the only coverage usually offered because of the low value of these vehicles. The cost of the coverage is charged to the renter, but a master policy is issued to the dealer or rental agency.
Motorcycle Custom Manufacturing and Fabricating
Many motorcycle purchasers want a unique product. As a result many businesses cater to those clients who want custom paint schemes, special detailing, and even frame and engine modifications. Custom motorcycle designers, manufacturers, fabricators, service and repair shops, and parts dealers are some of the classes of business affected. Coverages provided include general liability, products and completed operations, garagekeepers legal liability, and business personal property coverage, including theft.
Insurance on motorcycle dealers is usually written on modified auto dealers liability forms specifically adapted to motorcycle dealers. One coverage includes premises liability for sales operations in connection with service and repair of customers’ motorcycles and motor scooters. Another covers motorcycles of customers while in the dealer’s shop for repair, similar to garagekeepers legal liability coverage. A dealers supplemental physical damage policy covers the dealerâ€™s interest in its stock of unsold motorcycles. It covers the stock of motorcycles for certain named perils, such as fire, theft, collision, vandalism, riot, etc. Coverage may be written on a reporting form basis to cover the monthly fluctuations in values of stock. The following insurers write insurance on motorcycle dealers.
Motorcycles, motor scooters, motor bikes, and similar vehicles are extremely popular. This has led to a corresponding increase in the number of insurance companies that write liability coverages for them. Having these markets available is important because most standard automobile and personal liability policies exclude motorcycles. These policies cover the liability of the owner-operator of such vehicles for bodily injury or property damage to third parties. Most major insurers that specialize in writing insurance on motorcycles have added physical damage coverage for fire-theft-comprehensive and collision, either with liability coverage or separately in some cases. Rates for liability coverage are usually based on cubic centimeters of engine displacement. Uninsured motorists coverage must be added to the liability policy unless the insured rejects it. In addition, some companies offer medical payments and passenger liability coverages as options. Vandalism, theft, and windstorm are especially difficult exposures from the physical damage standpoint.
Motorcycle Rental Insurance
Motorcycles may be rented on an hourly, daily, weekly, or longer basis. This insurance provides coverage during the rental period selected. Most policies provide only liability coverage. The cost of the coverage is charged to the renter, but a master policy is issued to the dealer or rental agency.
Mountain Bikes/Dirt Bikes
These motorcycles are adapted for use on mountainous or hilly terrain or cross-country dirt trails. Insurers that specialize in motorcycle coverage usually insure them, but these risks are often more hazardous than motorcycles that operate on relatively smooth public streets, roads, and highways. Policies are rated according to the vehicleâ€™s size and age and the operatorâ€™s age. Extreme or highly modified vehicles are usually more difficult to place. These policies cover both the physical damage and liability exposures.
Rental Scooter or Rental Motorized Bicycle Use
Liability coverage for damage an individual causes while using a rented scooter or motorized bicycle is not provided in the standard ISO homeowners policies. The rental agreement with the company providing the scooters or bicycles typically states that it has no liability for such accidents.
Coverage may be available in a personal umbrella policy.