MCM Spotlight: Dealers physical damage
Acceptable Classes:
Franchised and non-franchised auto dealers, truck dealers, motorcycle dealers and RV dealers
Dealer's Open Lot Insurance Coverage includes Comprehensive, Collision and False Pretense.
Coverage is provided for weather, including windstorm, hail and flood with competitive deductible plans. A dealer’s individual experience, size and actual location will determine pricing and deductible options. This is available in 47 states.
Coverage is written on a non-admitted and surplus lines basis through Houston International Insurance Group of companies. The A.M. Best rating for the group and each of the companies is A- (Excellent).
Program Features:
- Weather-loss aggregate deductibles available.
- Economic loss covered to a maximum of $2,500 as a result of collision damage to a new vehicle and $2,500 for additional miles added to the odometer of a new vehicle as a result of a theft loss to a new vehicle.
- A high sublimit ($200,000 per year) for False Pretense (trick, scheme or device) loss.
- Coverage for “spot deliveries.”
- Coverage available for stored “off-lease” vehicles.
- An aggregate deductible on collision losses. This is unique in the industry.
- Dealer “holdback” covered on total losses to new vehicles – this too is a coverage not often offered by other carriers.
- The “margin clause” provides coverage equal to 125 percent of the limit shown in the event that a loss exceeds the limit of insurance shown on the policy. The average monthly value is the limit of insurance shown on the declaration page that will be used as the rating basis. The “margin clause” does not apply to Flood or Earthquake coverage.
- Convenient payment plan with 15 percent down and 10 monthly payments.
- No monthly reports of values required by dealers.
- Loss Prevention Service, such as Accu Weather Solutions early warning detection system, is available as needed.
Contact:
Ted Peters - 952-930-2262 – ted.peters@mcminsurance.com
Tom Racius – 952-930-2201 – tom.racius@mcminsurance.com