Because the inventory dealers have on hand changes frequently, Lockton Affinity offers a flexible billing benefit for Inventory insurance policyholders. This benefit ensures your coverage and billing adjusts to match your inventory, guaranteeing you never overpay for inventory you no longer have.
Browse our frequently asked questions to understand more about this important benefit.
FAQs about Lockton Affinity’s flexible billing benefit
- Will this benefit save me money?
If you buy coverage with a more traditional carrier, you typically buy an annual policy and pay a premium for your full credit limit.
With Lockton Affinity’s Inventory insurance, your monthly payment is based on inventory you actually have, rather than your full credit limit. So if your inventory frequently falls below your credit limit, you may save money with this benefit.
- Do I have to do anything to receive this benefit?
As a 21st Mortgage dealer, your finance company will report the actual financed inventory amounts to us on your behalf each month.
You also have the option to insure inventory that is not financed by 21st Mortgage. You can report those monthly values to 21st Mortgage and they will report them to Lockton Affinity.
Plus, your monthly premium for all covered inventory is included in your monthly finance statement from 21st Mortgage, so you don’t have an extra bill to pay.
- Do other insurance providers offer this benefit?
Most insurance carriers do not offer this benefit because it is too cumbersome for them to adjust the values each month.
This perk is one way Lockton Affinity truly understands the needs of inventory dealers like you.
Inventory insurance from Lockton Affinity
Designed to meet the needs of inventory dealers like you, Lockton Affinity’s Inventory insurance offers benefits in addition to flexible billing:
- Tailored products—We know your inventory changes frequently, so we offer the right coverage to meet your needs.
- Quick service—Apply for coverage with a quick application. Should an incident occur, we’ll settle claims within 14 days of receiving all necessary claim information.
- Dedicated representatives—Whether you have a simple question or need a full policy review, our dedicated customer service team is here to support you.
Receive these benefits and more when you purchase Inventory insurance from Lockton Affinity.