IAT Insurance Adds Open Lot Coverage for Franchised Auto Dealerships

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.

Topics Auto