CHEVY CHASE, Md. –

Victor O. Schinnerer & Co., a leading underwriting manager, launched on Monday what’s being called a new dealer open lot insurance program. The program is available to dealership clients and can provide coverage for owned inventory held for sale.

The program, offered on non-admitted paper, is provided by a panel of Lloyd’s Syndicates backed by the security of Lloyd’s A+ (S&P) and A (A.M. Best) ratings. Coverage highlights include:

— Broad coverage including earthquake

— Aggregate wind/hail deductibles; terms will vary by state

— Flood coverage options available for most dealerships with flood exposures

— Competitive premiums

— Streamlined application process

The dealer open lot insurance program is currently available in all states except Alaska, Colorado, Hawaii, Iowa, Kansas (western portion), Louisiana, Minnesota, Nebraska, North Dakota, Oklahoma and South Dakota.

The company said the program is available on an open brokerage basis to all licensed brokers and agents.

“Automotive dealerships face a myriad of challenges, and protecting their expensive inventory is paramount,” said Dennis Kane, senior vice president and automotive dealership practice leader for Schinnerer.

“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,” Kane continued.