USG Insurance, national wholesaler and program manager headquartered in Canonsburg, Pa., has announced an insurance program for auto dealerships that are closing their doors.
According to Kristen Taylor, national marketing director, “We anticipate this insurance product to become in high demand due to the current auto industry landscape. We want to let agents know a product for this exposure is available.”
This program is underwritten by Lloyd’s of London and provides coverage for the lot of vehicles in liquidation/receivership. Typically the bank or financiers’ floor plan loan assets are being liquidated by a court appointed receiver. The policies limits may be up to $10 million in vehicle damages, with a limit up to $50,000 per vehicle. There is a minimum deductible of $1,000 per vehicle and a typical policy term is three months. Coverage is available for the vacant building and foreclosed properties.
USG Insurance has 11 offices, nationwide, offering solutions for hard to place commercial insurance coverages.
For information, visit www.usgins.com.
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