SUMMARY
OF COVERAGE
RSIG
Certificate
Insurance
Verification
Information
Packet
FEATURES OF GARAGE LIABILITY POLICY – Provided
by Empire Fire and Marine
1. Combination of Non-owned auto liability and general liability.
A. Non-owned auto liability - provides coverage driving a repossessed
vehicle. Must be within the scope of normal repossession activities. Does
not cover personal use of repossessed vehicle or your or your employee’s
owned vehicles (i.e. tow trucks). Limit is $1 Million per occurrence.
B. General Liability Coverage included within Garage Liability
· Premises and Operations, includes the liability for your office,
your storage yard, and your repossession activities away from your premises.
- Your buildings, contents, tow trucks, etc. are to be insured separately.
· Products Liability
· Defense Costs - is in addition to limit of liability.
2. Broadening endorsement has been added and provides the following:
A. Personal and Advertising Injury
B. Wrongful Repossession
C. Fire Legal Liability - pays up to $50,000 for property damage caused
by fire to real property leased or rented to you.
D. Host Liquor Liability (i.e. company sponsored holiday parties or gatherings)
E. Automatic Liability for newly acquired garage operations for up to
90 days
F. Incidental Medical Malpractice (liability exposure created by the offering
of medical services by an entity not engaged primarily in the offering
of such services)
G. Non-owned Watercraft - if less than 45 feet and not being used to transport
people or property for a fee.
3. $10 Million Aggregate Limit of Liability, $1 Million each accident -Non-Owned auto liability.
FEATURES OF GARAGEKEEPERS COVERAGE – Provided by Empire Fire and Marine
1. $1,000,000.00 General/Garage Liability per occurrence.
2. On hook coverage is included under the $1,000,000 with no sub limit
for any one vehicle.
3. Coverage is provided on a comprehensive basis and encompasses coverage
for collision, fire, lightning, explosion, theft, and vandalism, windstorm,
flood, hail and earthquake.
4. Property being repossessed by subcontractors is covered up to $50,000.
Subcontractor liability is not covered.
5. Vehicle being repossessed does not have to be on hook. Drive away repossessions
are covered.
6. Items covered are autos, boats, RV’s, motorcycles, mobile equipment,
mobile homes, construction equipment, travel trailers, trailers and personal
property.
7. Personal property is excess over any other valid insurance with a limit
of $3,500 each loss. Personal property losses are subject to a standard
$1000.00 member deductible.
8. Direct primary coverage- not legal liability
FEATURES OF EMPLOYEE DISHONESTY/COMMERCIAL CRIME
COVERAGE
Provided by: Fidelity and Deposit Company of Maryland
Fidelity bonding guarantees the principal’s or insured’s honesty,
hence the term Employee Dishonesty Bond. Employee dishonesty coverage
provides protection for employee theft of client’s money, securities
or property. In the situation of a repossession company performing services
on the behalf of a lien holder, the bond would provide coverage if a repossession
agency didn’t turn over funds collected by an employee on a lender’s
behalf. Bond coverage is not extended to include cash money claimed to
have been left in debtors’ vehicles, if an agency is holding vehicles
due to non-payment of invoices, or if an employee steals from the repossession
company itself.
