With the beginning of the school year just weeks away, it’s a good time to review the coverage provided under the DOC portion of your Dealership policy. From a historical perspective, DOC coverage arose out of the need to provide Personal Auto Liability for people who do not own vehicles. It provides 24/7 coverage for …
Remember that from Drivers Education? Okay, only us Baby Boomers remember the real Drivers Ed: Student Driver sign on the back of the car, Instructor in the passenger seat, two or three scared classmates in the back, and the vehicle moving very tentatively through traffic. “Eyes on the Road and Two Hands on the Wheel” …
The current market of dealership purchasers includes the normal mix of the mega-dealers and the smaller “hometown” dealers looking to expand their footprint. But, we also see an influx of well-financed newcomers looking to make their mark on the automotive industry. Some of these are international purchasers who have enlisted experienced General Managers to safeguard …
Most Dealers believe Directors and Officers coverage is only necessary for publicly-traded entities. Because the predominance of Dealerships are privately owned, they feel there is little or no exposure to Management Liability claims. However, private companies risk suits from competitors, governmental bodies, creditors, and even shareholders. Owners, Board Members, and Senior Management may find themselves …
I want to return to a topic we touched on in a previous issue. It involves the acquisition of a Dealership (or multiple Dealerships) as it relates to the acquirer’s insurance program. Most Dealers that are financially savvy enough to make major purchases are utilizing a Loss Sensitive program for their insurance. It could be …
