RICHFIELD, Ohio, Aug. 31, 2009 (GLOBE NEWSWIRE) -- National Interstate Insurance Company announced 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, 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 an RV owner 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. "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) VIII by A.M. Best Company 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 Jason.Sinkovitz@NATL.com.
About National Interstate
National Interstate Insurance Company, a wholly owned subsidiary of National Interstate Corporation (Nasdaq:NATL), is a specialty property and casualty insurance holding company with a niche orientation and focus on the transportation industry. We differentiate ourselves by offering insurance products and services designed to meet the unique needs of targeted insurance buyers. Our 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. We offer our insurance products through multiple distribution channels including independent agents and brokers, affiliated agencies and agent Internet initiatives. Our insurance subsidiaries are rated "A" (Excellent) by A.M. Best Company. Founded in 1989, we are headquartered in Richfield, Ohio with operations in Honolulu, Hawaii, Mechanicsburg, Pennsylvania, and St. Thomas, Virgin Islands.