***New vehicles must be added to the CalTIP member’s vehicle schedule within 30 days from the date of delivery.***
CalTIP members’ vehicle schedules are being maintained in Alliant Vehicle Schedules, an online database maintained by Alliant Insurance Services, CalTIP’s excess insurance broker.
Each member is required to list all their vehicles in the Alliant Vehicle Schedules regardless of whether they participate in the Vehicle Physical Damage (VPD) Program for underwriting purposes.
Members are responsible for:
-Adding and deleting vehicles, as needed;
-Checking the “Physical Damage Coverage” box for each vehicle VPD coverage is desired (applicable to VPD members only); and
-Providing and updating the Actual Cash Value and Replacement Cost (Cost New) for each vehicle.
CalTIP Governance Policy 3.05, defines Actual Cash Value and Cost New Value as follows:
-Actual Cash Value: The original price of the vehicle less depreciation. Depreciation shall be based on the guidelines established by the Federal Transit Administration (FTA) guidelines relating to the minimum life of a vehicle.” The link to the guidelines is provided below.
-Cost New Value: The original purchase price of the vehicle. Four years following the original purchase date, the Cost New Value shall be adjusted to reflect the current market price of a vehicle of like kind or similar make and model.
If you have questions or need assistance with accessing your vehicle schedule, please contact any of the following Alliant Insurance Services representatives:
Alice Chan: email@example.com or (415) 403-1400
Andrea Ferry at firstname.lastname@example.org or (415) 403-1456
Armi Vega at email@example.com or (415) 403-1400