Signs of the Time?

Using a fraudulent or altering a certificate of insurance is a disservice to clients and lenders.

We know that things are tough in the repossession industry and that insurance is one of the areas that most repossessors dread thinking about, but it looks like some companies may be taking matters into their own hands.

We were recently contacted by a representative of Bohall & Associates to verify a certificate of insurance they received directly from a company they were in the process of on-boarding. They have heard the message we put out with every certificate of insurance….

“Due to the increase instances of fraudulent certificates, you are encouraged to accept certificates directly from the insurance agent servicing the policy and to report any suspicious certificates to the agent to verify validity and accuracy.”

For your own information if you are a lender placing repossession assignments, a forwarder facilitating repossession work within your networks, or if you’re a repossession agent subbing out the occasional assignment yourself – and you received a copy of this certificate as proof of coverage, Red Rooster Services LLC of Mt. Laurel, New Jersey is not currently insured nor has it ever been insured through the Recovery Specialist Insurance Group insurance program.

Using a fraudulent or altering a certificate of insurance is a disservice to clients and lenders. It is potentially harmful and dangerous to debtors and innocent/uninvolved 3rd parties, especially if someone doesn’t have auto liability coverage or drive-away coverage in terms of what happens if an auto accident like a rear end collision occurs and there is physical damage and/or bodily injury involved.

It also creates an atmosphere of unfair competition within the industry when someone is doing business the right way and incurring the expenses of maintaining proper coverage and someone else doesn’t.

We applaud Bohall & Associates, and the other clients who reach out to us regularly, for their due diligence and encourage others to do the same. How does the saying go?… See something, say something? Beter Safe Than Sorry? Trust But Verify.