dealers’ open lot
Dealerships are unique types of businesses that require a policy tailored for the specific risks involved. This comprehensive DOL policy provides physical damage coverage for franchised and independent dealers. All owned-vehicles including new, used, demos, loaners, floored and non-floored, and service vehicles are eligible. Partner with Midlands for expert assistance tailoring coverages for your client’s unique dealership and/or garage risk.
COVERAGES
- Collision
- Physical damage
- Comprehensive
- Fire and theft
- False pretense
- Economic loss
- Impending damage
- Specified causes including hail, earthquake, vandalism, transport
HIGHLIGHTS
- Must insure 100% value of inventory
- Multiple deductible options
- Multiple endorsements and coverage options available for risk customization
- Limits vary by state and range from $500,000 to $5,000,000 per lot
- Per vehicle limit available up to $250,000
- Because Dealers Open Lot provides only physical damage coverage a garage liability policy is needed to protect against liability exposure
- Stand alone or package
- Competitive premiums
- Non-admitted with A Rated Carrier or better
CLASSES
New Car Dealer • Used Car Dealer • New & Used Car Dealer • RV Dealer • Wholesaler/Broker • ATV Dealer • Trailer Dealer • Motorcycle Dealer • Heavy Truck Dealer • Others Considered
SUBMISSIONS
Email the following to submit@midman.com.
- Completed Midlands Dealers’ Open Lot Application
- 5 years currently valued company loss runs with expiring premiums
- Copy of current coverage declaration page
- Financial statement
UNDERWRITER
Morgin Freeman
(972) 588-2047
mfreeman@midman.com
Jennie Reed
(972) 588-2007
jreed@midman.com