Q: When Does Coverage Begin?
A:
Coverage is effective on May 1, 2007.
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Q: Who is the insurance administrator?
A: The Inventory Insurance Plan is administered by Lockton Risk Services. Affiliated with Lockton Companies, LLC, Lockton Risk Services is part of the world’s largest privately held insurance broker. With decades of experience, Lockton Risk Services provides exceptional customer service. (back to top)
Q: On what value will my premium be based?
A:
Your premium will be based on the Average Daily Outstanding Balance of your inventory financed with GE Capital, Commercial Distribution Finance (CDF). However, in the event of a claim, you will be paid on the total value of CDF-finance inventory. (back to top)
Q: Is it easy to calculate my rates?
A:
Rates are based on the predominate type of inventory your business has financed with CDF; if you have more than one dealer number, each dealer number will be assigned a rate based on its respective inventory percentages. If you were previously enrolled in CDF’s inventory insurance program, you received notification by mail of your current rates. If you are new to the program and would like to enroll in the Inventory Insurance Plan, please call 1-800-291-6984 for more information.
Remember, your premium is based on the monthly outstanding balance but your loss is paid based on the original invoice amount. (back to top)
Q: When does coverage cease?
A: Coverage ceases after your interest in the property stops or when balance has been paid to CDF. (back to top)
Q: Is there a 24-hour claims reporting number?
A: Yes, there is a 24-hour claims reporting number.
Claims are handled by York Insurance Services. The 24-hour toll-free claims reporting number is
1-877-480-9675.
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Q: How long does it take to receive payment for a claim?
A:
Once all documentation is supplied to the adjuster and the proof of loss is signed by the dealer and received by York Insurance Services, payment will be made within 14 business days. (back to top)
Q: What is my total limit if I have more than one dealer number?
A: The total limit is equal to the total value of CDF-financed inventory at each location. (back to top)
Q: Do I have the option to purchase my insurance from another agent?
A:
Yes, you do have the option to purchase insurance from another agent. If you choose to do this, you will need to supply a certificate of insurance to CDF naming them as loss payee. (back to top)
Q: Whom do I contact if I have questions about my coverage?
A:
For questions about your coverage, please call the Inventory Insurance Plan, toll-free at 1-800-291-6984 or email us. (back to top) |
