Dealers Open Lot Policy Feature Checklist
What to confirm in a dealers open lot policy — what's standard, what's often limited, and what to add if needed — plus the gap most often missed.
Pull out your current dealers open lot policy and check the box next to each feature you can confirm it includes — anything unchecked is worth a quick conversation with your advisor.
Tick each feature you can confirm your policy includes — anything left unticked is a good question for your next policy review.
| Confirm? | Policy feature | What to confirm | Priority |
|---|---|---|---|
| Collision & Comprehensive on Inventory | Covers vehicles held for sale against crashes, theft, fire, and vandalism. | Standard | |
| Limit Matches Peak Inventory | Confirm the limit covers your highest month — underreporting can reduce what is paid. | Standard | |
| Hail & Wind | Often carries a separate, much larger deductible — confirm the amount per event. | Often limited | |
| Flood | May be excluded or sublimited, especially for lots in flood zones. | Often limited | |
| False Pretense | Covers vehicles lost to fraud — bad checks, fake identities, or test drives that never return. | Often limited | |
| Theft by Keys Left in Vehicles | Some policies exclude or reduce theft when keys were left in the vehicle. | Often limited | |
| Vehicles in Transit & Off-Site | Covers inventory at auctions, body shops, or other lots. | If needed | |
| Demo & Loaner Vehicles | Confirm vehicles driven by staff or customers are covered. | If needed | |
| Earthquake | Needed for lots in earthquake zones — usually not included. | If needed | |
| Floor Plan Lender as Loss Payee | Required by most lenders — confirm the lender is listed. | If needed |
The gap most often missed in this coverage
The gap most often missed in open lot coverage is the hail deductible. A single short storm can damage hundreds of vehicles — one Texas dealer lost $4 million in under 30 minutes — and many policies apply a separate per-event or percentage deductible for hail that is far larger than the collision deductible. Theft with cloned key fobs and false pretense is a second gap, since some policies limit it. Confirm the hail deductible in dollars, report inventory accurately, and lock down key control.
Send us the checklist and we'll review your dealers open lot coverage line by line, then market it across multiple carriers that compete for your account.
Related: Dealers Open Lot Insurance · Dealers Open Lot Supplemental (apply) · All coverage checklists
Frequently asked questions
What should a dealers open lot policy include?
Standard features to confirm in a dealers open lot policy include Collision & Comprehensive on Inventory, Limit Matches Peak Inventory. This checklist also flags the features that are often limited or sublimited and the ones to add if needed, with a plain-English note on each.
Is this checklist insurance advice?
No. It is a free educational tool to help you have a more informed conversation with a licensed professional. It affords no coverage and is not insurance, legal, or financial advice — only your actual policy language governs what is and isn't covered.
Can Cory Washington & Co. review my dealers open lot coverage?
Yes. Share your checklist and we'll review your program line by line, market your account across multiple carriers, and explain the trade-offs in plain English. Cory Washington & Co. LLC is licensed in all 50 states.
This checklist is a free educational tool from Cory Washington & Co. to help you review your own coverage and have a more informed conversation with a licensed insurance professional. It is general information only — not insurance, legal, or financial advice, and not a recommendation to buy, change, or cancel any policy. Coverage terms, availability, limits, and requirements vary by policy, carrier, and state, and only the language in your actual policy governs what is and isn’t covered. Checking or leaving blank any item above does not indicate that you are adequately insured or under-insured. Using this checklist does not create a client, agency, or fiduciary relationship. Always consult a licensed professional about your specific situation.