XL Insurance, the global insurance underwriting operations of XL Group plc, and All Risks, Ltd., the nation's largest independent privately held wholesale brokerage firm, have announced a new joint underwriting agreement to offer a Dealers Open Lot program, providing physical damage insurance coverage for powersports, auto and RV dealerships nationwide.
"To effectively manage a business' risk, you have to really know the business. That's why XL Insurance values dedicated industry expertise and looks to work with program administrators like All Risks. Their dedicated underwriters have a thorough understanding of the niche markets they serve," says Quinnon Purvis, president of XL Insurance's North America Programs unit.
"We both have a mutual appreciation for technical underwriting expertise in niche industries that add value to our retail agency partners. This industry knowledge helps our clients successfully manage their risk exposures and allows us to provide the most effective coverage available on the market," says Chris Kelleher, All Risks' VP for National Specialty Programs.
All Risks' Dealers Open Lot program provides coverage for franchised new car dealers, large used car dealers, motorcycle dealers, RV dealers and ATV dealers that have been in business for a minimum of 3 years. Available coverages through the program include: comprehensive and collision, false pretense, economic loss, spot delivery coverage, hired/non-owned, consignment vehicles and, in certain states, weather aggregate deductibles.
Posted by Holly Wagner
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