GUEST EDITORIAL
Are Forwarders Asking You to Name Them As “Additional Insured”? Not So Fast.
In a repossession agency’s insurance coverage, the repossession forwarding companies seem to be most concerned with, (Garagekeepers and On Hook Coverage), the adding of an “additional insured” is not an available option because it is a physical damage coverage, meaning it pays for damage or theft of the asset. And this coverage will only pay the current owner of the asset, which is the lien holder. No intermediator has any legal standing as a covered party for this insurance…only the lien holder.
Do Repossession Forwarding Companies Really Need to Be Listed as Insurance Beneficiaries? – Repossession
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