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Managing general underwriter Victor O. Schinnerer & Co. Inc. said Monday that it has launched a new dealer open lot insurance program.
The program is for automotive dealerships and provides coverage for owned auto inventory held for sale. The program is available except in Alaska, Colorado, Hawaii, Iowa, western Kansas, Louisiana, Minnesota, Nebraska, North Dakota, Oklahoma, and South Dakota, Schinnerer said in a statement.
The coverage includes flood and earthquake coverage, and aggregate wind/hail deductibles. The coverage limits are up to $25 million per location with higher limits available upon request, according to a Schinnerer spokeswoman.
“Automotive dealerships face a myriad of challenges, and protecting their expensive inventory is paramount,” Dennis Kane, senior vice president and automotive dealership practice leader for Chevy Chase, Maryland-based Schinnerer said in the statement. “Our new program offers flexibility in coverage with a broad carrier appetite and the capacity to meet the evolving needs of our brokers and clients.”
(Reuters) — The Federal Trade Commission on Tuesday sued Volkswagen Group of America Inc., saying the U.S. arm of the German automaker falsely advertised more than a half million diesel vehicles as environmentally friendly when it knew they were emitting excess pollution.