IAT Insurance Group has expanded its multi-line DealerPack offerings for franchised auto dealerships to include dealers open lot insurance.
Key elements of the policies include:
- Available as an option within the DealerPack package policy
- Guaranteed cost
- Available for “non-floored only” when necessary
- No monthly reporting required by dealers
- No audits
- Comprehensive and Collision coverage
- Broad coverage, including earthquake
- False Pretense
Coverage limits of up to $5 million per location are available, with higher threshold options upon request. Comprehensive deductibles are $2,500 per car or $10,000 per accident, and $2,500 per car for collision. Wind and hail terms vary by state.
This coverage will be available to franchise auto dealers beginning Aug. 1, 2020, in select states.
DealerPack, a division of IAT Insurance Group’s Commercial Transportation business unit, was founded in 1973 serves franchised dealership market with insurance underwritten by Harco National Insurance Company.
IAT Insurance Group is a privately owned, specialty insurance company providing property, casualty and surety products for niche markets. IAT goes to market through eight business units – Commercial Transportation, Specialty, Programs, Inland Marine, Excess Casualty Mid-Market, Reinsurance, IFIC Surety and a newly formed Management Liability division.
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