instaCOVER, LLC announced the release of its new Vehicle Protection Program providing specialized insurance for leased and financed commercial vehicles and trailers.

The new program uses instaCOVER’s technology to allow lease brokers and funders to acquire coverage. The coverage fulfills the insurance requirement for funding and expediting the process.

“The leasing industry has been asking us for a titled vehicles solution for a long time. We are thrilled to now have vehicles and trailers as part of our program,” said Craig Wainscott, instaCOVER’s CEO.

The coverage is underwritten by Great American Insurance Company, an A+ rated insurance company (rating affirmed by A. M. Best, as of 8/17/18) and member of Great American Insurance Group.

Great American offers specialty products and services for the equipment lease and finance industry.

“We are proud of our long-standing relationship with instaCOVER, and we are excited to underwrite their new commercial titled vehicle program, which accelerates the leasing transaction,” said Vic Villegas, President of the Specialty Equipment Division at Great American.

The Vehicle Protection Program (VPP) protects lease and finance companies against the risk of uninsured physical loss or damage to titled vehicles and trailers. It also provides optional single interest vicarious liability for most types of trailers, satisfying the insurance requirement in the finance agreement. VPP can be used by lease brokers and vendor programs to offer point-of-sale coverage to expedite the funding process. Funders can also use VPP to proactively cover individual assets if there is insufficient or lapsed coverage.