Automatic Coverage

Automatic Coverage

A feature in some insurance policies that changes the amount of coverage in accordance with changes in the value of the property being insured. For example, if the value of a piece of real estate increases or decreases over time, a policy with automatic coverage would alter its coverage in proportion to the change.
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Proposals submitted shall be on the basis of a blanket coverage, including automatic coverage of a new building and additions, and contents of new buildings and additions; automatic coverages for newly acquired or rented locations; property removed from premises for repair, servicing, exhibition for protection from other hazards; property of others on the premises in the care, custody or control of the Entities; and collapse of buildings and structures.
AdvaMed claims the current CMS reimbursement framework for trials is unnecessary because the agency usually decides to support them, and that automatic coverage would bring medical device trials in line with the payment systems for drug trials.
Don't bet on having automatic coverage, either; some car insurance companies don't give you any.
Additionally, XL Group has increased the precautionary measure allowance offered by its ShipShape policy, and adding coverage for stolen boat reward, dock boxes, equipment stored ashore, tournament fee reimbursement and automatic coverage for occasional charter.
This coverage is usually provided on a reporting form basis and provides automatic coverage for newly foreclosed properties.
Special coverage features: Coverage for carrier insolvency, aggregate deductibles, security breach sublimits, first dollar defense, defense outside the limit, automatic coverage for independent contractors, admitted carriers.
Just for Energy, designed for the oil and energy industry, provides workers' compensation state act coverage with automatic "if any" coverage in all Gulf Coast states, and Longshore coverage with automatic coverage in all Gulf Coast states and all other necessary states on request.
Two important points with the new claims system are, first, FAMI now has the ability to provide automatic coverage verification, and second, the system is a browser-based solution.
Expanded insuring agreement, which includes automatic coverage for transportation exposures and completed operations;
Automatic coverage endorsement: In a busy REO department, overlooking reporting a new REO is a distinct possibility.
There should be automatic coverage for welfare plans, and coverage should be available for nonqualified plans (such as supplemental executive retirement plans), as well as for qualified plans.
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