3108 Adora Teal Way, Unit 200,
Looking for the fast easy way to insurance your Nebraska Dealership? Look no further than Barbee Jackson Insurance. We are recognized as one of the country’s largest writers of Dealerships with 2,000+ clients and growing rapidly. Why? As an independent insurance agency we have partnered with all the leading insurance companies that specialize in insuring dealerships.
By partnering with all the leading insurance companies we can offer our clients the coverage they need at a great rate. We take the time to shop all the insurance carriers to find our clients the best price the first time. This saves you time and money. Call today to get started (850) 389-2001
Nebraska Department of Motor Vehicles Industry Licensing Board requires all dealers to carry at a minimum $25,000 per person, $50,000 per accident and $25,000 in property damage. How this breaks down on a commercial policy would be Combined Single Limit (CSL) of:
As well as a bond in the amount of $50,000
Dealerships and Garage Operations are unique to the insurance industry because they involve an auto exposure that would be excluded on a normal General Liability policy. That’s why the insurance industry came up with Garage Liability Insurance.
Garage Liability takes into account that there will be auto liability exposure from both owned and non-owned autos as well as liability exposure from the lot or garage. The coverage for breaks down into three components…auto, other than auto, and aggregate.
Auto refers to owned and non-owned vehicles depending on the type of garage operation. It acts like a normal liability policy for a personal auto. For example, during a test drive the driver accidentally hits another vehicle. The Auto portion of the policy would cover the liability damage to the other vehicle. It is important to understand that it does not cover the dealership's vehicle, just the liability to the vehicle that was hit. Below we will explain how to cover dealership inventory with Dealer Open Lot.
Other than Auto refers to slips and falls on the dealership lot or garage operation.
Aggregate is the most the insurance company is willing to pay in a policy period.
Dealer Open Lot
Dealer Open Lot (DOL) provides physical damage to owned vehicles of the dealership. As mentioned before the Auto side of the policy is liability to others. DOL provides financial protection for the inventory in case of losses such as weather related or an accident.
For DOL coverage to be applied properly the entire dealership inventory must be insured. There is a coinsurance clause that says that if you only insure part of the inventory then the insurance company may apply the coinsurance clause.
For example, the dealership insured the inventory for $50,000. At the time of loss the total dealership inventory was $100,000. The coinsurance clause would step in saying since you only insured 50% of the inventory they will only cover the loss at $25,000.
Garage Keepers Insurance often gets confused with Dealer Open Lot. The difference is DOL covers owned auto (dealership inventory) whereas Garage Keepers Insurance covers non-owned vehicles (customer vehicles).
If you have a service side of your business then you might want to financially protect your dealership from accidents that happen to customers' vehicles while you are in the care, custody and control. An example that has happened to one of our clients was when a customer's vehicle slid off the lift. The customer was made whole for the damages to the vehicle and the dealership just had to pay a small deductible.
Auto Dealer Errors & Omissions
Mistakes happen, but if you purchased Auto Dealer Errors & Omissions then that mistake could be less costly. The coverage includes Truth in Lending, Odometer Statue, Lemon Law and Prior Damage Disclosure.
Cyber crimes are happening more commonly every year and without a Cyber Liability policy you could be out several thousands of dollars in the event of a cyber breach. These policy costs have come down significantly, so it is always a good idea to let us quote the coverage.
At Barbee Jackson Insurance we work hard for our clients and want to work hard for you on finding the right coverage at the best price. Give us a call today to get started (850) 389-2001