National Interstate Insurance Co. announced Monday (Aug. 31) that it has added a consignment coverage endorsement to its recreational vehicle product line. This endorsement, offered by only a limited number of insurance companies, was designed to provide additional protection for RV owners who sell their units on a consignment lot.
Distributed exclusively through appointed agency partners, Richfield, Ohio-based National Interstate is currently offering consignment coverage in 27 states, and the endorsement is available on both new and existing policies.
Most RV insurance policies list RV consignment as an excluded usage, meaning that when RV owners places their unit for sale on a consignment lot, physical damage coverages are removed. In addition, RVs are seldom, if ever, insured under the dealership’s policies.
“In today’s market, more and more RV dealerships are turning to consignment as a source of inventory and revenue,” said John Hollar, vice president of National Interstate Insurance. “In addition, RV owners are utilizing consignment dealerships as a way to sell their vehicles. What many owners do not realize is that insurance policies typically exclude coverage while an RV is being sold on consignment. We are pleased to respond to this growing need by providing an endorsement to protect owners in these situations, particularly during our current challenging economic environment.”
“Our consignment endorsement includes collision coverage, which covers losses occurring while the unit is in motion, such as hitting another vehicle during a test drive,” said Jen Koch, product manager. “In addition, comprehensive coverage protects the RV in the event of loss from storm damage, fire, vandalism or theft while the unit is on consignment. We are excited to give our agency partners the opportunity to provide yet another specialty coverage designed specifically for the RV enthusiast and their lifestyle.”
National Interstate offers a portfolio of specialty products for recreational vehicle owners. The company is rated “A” (Excellent) by A.M. Best Co. and has a 20-year history of strong growth and financial stability. To learn more about National Interstate’s consignment coverage, contact Jason Sinkovitz at (800) 929-1500, or email [email protected]
National Interstate Insurance Co., a wholly owned subsidiary of National Interstate Corp., is a specialty property and casualty insurance holding company with a niche orientation and focus on the transportation industry. Products include insurance for transportation companies, alternative risk transfer or captive insurance programs for commercial risks, specialty personal lines consisting of insurance products focused primarily on recreational vehicle owners and small commercial vehicle accounts, and transportation and general commercial insurance in Hawaii and Alaska.