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A
number of national finance companies have contracted with
DealerGuard to verify that inventories held by their floor
planned dealers are adequately insured. The specific insurance
requirements of each of these companies vary, but - as a minimum
- DealerGuard must receive from all dealers (at each policy
renewal) an insurance certificate (Accord form preferred)
which:
-
Includes "Physical Damage" coverage (comprehensive
and collision) on all financed inventory for a blanket
limit (or amount insured) not less than the dealer's floor
plan credit line (50% in the case of Automotive Finance
Corp.)
- Names
the floor planner as loss payee. The loss payee address
should be:
c/o
DealerGuard
32255 Northwestern Highway, Suite 201
Farmington Hills, MI 48334
-
Provides that the loss payee will be given at least (10)
days notice of cancellation.
This
documentation may be sent to DealerGuard at the above address
or by fax to (248) 354-5508.
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