V3 Launches Auto Dealer Program with Optional ‘Red Flags’ Coverage

V3 Insurance Partners LLC, a specialty multi-line managing general underwriter, has introduced a multi-line insurance program for auto, truck and RV dealerships, wholesalers and auto auctions.

Called DealerV₃antage, the program is designed specifically for small to mid-sized, rural and suburban, non-franchised and franchised dealers. The policy is offered through a financially sound insurer with an A+XIV rating.

The program provides garage liability, dealers open lot, GKLL, auto, general liability, property, inland marine and crime. In addition, the following errors and omissions coverages are available: odometer and prior damage disclosure E&O, title E&O, employment benefit liability E&O, consumer leasing and truth in lending E&O, dealership agent E&O and retail customer complaint legal defense reimbursement.

DealerV₃antage contains a coverage extension that provides optional consumer credit privacy E&O, or “Red Flags” coverage. Under the Federal Trade Commission’s Red Flags rules slated to go into effect on December 31, 2010, auto dealers are liable for damages to consumers from identify theft due to dealer negligence.

“Despite dealers’ best efforts to protect their customers’ privacy, information can be stolen, misdirected or improperly shared by third parties,” explained Don Barrand, V3’s Transportation Practice Leader. The coverage pays for damages caused by a wrongful act which results in a civil violation of the Fair and Accurate Credit Transactions Act (FACTA).

The DealerV₃antage program will be written by a select group of agents highly experienced in auto dealership coverage.

Source: V3 Insurance Partners