Repoman - Insurance Requirements

USAWeb.com Insurance Requirements

Please Read: USAWeb.com Insurance Submitted Program
Submit your insurance: Click Here
See: Listing Options
Questions? Call: 866-410-6953

In our listings look for:
This Agency has submitted a 'Certificate of Insurance'

Repoman.com does not currently mandate that proof of insurance be provided before taking out an ad. However, agencies now have the option of having proof of their insurance submitted to us, and having that information reflected in their listing.

If you intend to hire a repossession agency make it mandatory that a certificate of insurance be submitted directly to you (from the insurance provider) before any assignments are issued. The fact that a certificate has been submitted to Repoman.com does not provide any protection or guarantee that the insurance is still in effect or meets the requirements you feel will serve your interests.

USAWeb.com minimum requirements are:

1 Million Dollar Aggregate General Liability
or Garage Liability Insurance
(With wrongful repossession coverage)
1 Million Dollar Aggregate Vehicle Liability Insurance
(Written for repossession purposes)

USAWeb.com 'does not' require:

*Dishonesty Bond
**On-hook Coverage
***Storage Lot Coverage
****Personal Effects Coverage
*****Workman's Compensation
******1 Million Dollar per Occurrence Coverage

* If you feel the agency you hire should be bonded, make sure you are issued a certificate of bonding.

** If the collateral you wish to have repossessed has any significant value, make sure you verify that their on-hook coverage exceeds the value of your collateral.

*** If you expect to hire the repossession agency to store your collateral, verify that their garage liability coverage is high enough.

**** If there is a possibility that the collateral contains personal effects that may need to be insured in case of claims of theft or loss, verify that their policy has coverage for personal property storage.

***** If you are concerned that you could be held responsible for any injury that should occur to the recovery agent while repossessing your collateral, verify that they have workman's compensation coverage, or the very least consider getting a waiver signed.

****** Many Lenders require coverage of ' 1 Million Dollars per Occurrence ' There is an insurance carrier that provides wrongful repossession insurance that has an aggregate of 1 million dollars on wrongful repo and auto liability with per person limits of $250K. BE AWARE OF THE LIMITS PROVIDED!

If you see an insurance company logo in the agency's add, click on that link and learn a little about who stands behind that company. Most of these Insurance Groups provide coverage that far exceeds the minimum requirements of Repoman.com

Our minimum requirements are not set to protect us or you. They are set as a bench mark and take into account a lot of variable scenarios.

Hiring a repossession agency is not something to be taken lightly and if you are not absolutely sure of all the risk and liabilities involved in taking that step, pick up the phone and call someone that can explain the risks to you. The Insurance Groups that advertise on this site will generally field your insurance questions and give you good information to go on.

Don't do business with any agency that will not supply you with proof of insurance. Proof of insurance should come directly from the insurance group/agent or be verified directly.

Thanks for looking to Repoman.com to help you find a qualified recovery expert.

Administrator
813-985-6661