RALEIGH, N.C. (July 22, 2020) — IAT Insurance Group has expanded its multi-line DealerPack offerings for franchised auto dealerships to include Dealers Open Lot Insurance.
“As we continuously evaluate the insurance needs of our customers, we are excited to announce the expansion of our coverage offerings to include dealers open lot insurance for franchised auto dealers. Franchised auto dealers face significant risks when it comes to protecting their valuable inventory of owned automobiles held for sale,” said Todd Bateson, Executive Vice-President of IAT’s Commercial Transportation business unit. “Our open lot insurance product is designed to specifically meet the day-to-day challenges faced by dealership owners.”
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
There are coverage limits of up to $5 million per location, with higher thresholds available upon request. Comprehensive deductibles are $2500 per car or $10,000 per accident, and $2500 per car for collision. Wind and hail terms vary by state.
This coverage will be available to franchise auto dealers beginning August 1, 2020.
Coverage will be available in select states.
DealerPack, a division of IAT Insurance Group’s Commercial Transportation business unit, was founded in 1973 and is well known in the franchised dealership markets. We proudly provide nationwide dealership insurance underwritten by Harco National Insurance Company.
About IAT Insurance
Certified as a Great Place to Work® for the past two years, 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. The IAT Insurance Group companies are rated A- Excellent by A.M. Best. Connect with IAT Insurance Group on LinkedIn and learn more about the company at iatinsurancegroup.com.