Understanding Repossession Insurance: Key Players and Considerations

In the world of automotive recovery, repossession insurance serves as a vital safeguard in the event of potential litigation arising from wrongful repossessions. As the industry evolves, various insurance companies have stepped up to offer specialized repossession insurance products. This article presents an overview of confirmed repossession insurance specialists, alongside essential considerations for businesses in need of this critical coverage.

Confirmed Repossession Insurance Specialists

1. **Harding Brooks Insurance Agency**
– **Contact**: Mike Peplinski
– **Phone**: 315-214-5822
– **Email**: mpeplinski@hardingbrooks.com
– **Address**: 441 Commerce Road, Suite 1, Vestal, NY 13850
– **Website**: hardingbrooks.com

Provides essential coverage options, including:
– Wrongful repossession
– Errors and omissions
– Commercial general liability
Certifications from various carriers.

2. **Legacy Plus Insurance Agency**
– **Contact**: Michael Cagley
– **Phone**: 818-865-8867
– **Email**: michael@legacyplusins.com
– **Address**: 3303 Kimber Drive, Suite E, Newbury Park, CA 91320
– **Website**: legacyplusins.com

Policies include wrongful-repossession coverage and other critical aspects necessary for risk management.

3. **Recovery Specialist Insurance Group (RSIG)**
– **Contact**: Ed Marcum
– **Phone**: 703-365-0199
– **Email**: emarcum@rsig.com
– **Physical Address**: 9379 Forestwood Lane, Manassas, VA 20110
– **Websites**: rsig.com

Insurance and risk management programs tailored specifically for the repossession industry. Key coverages include wrongful repossession and various types of commercial liability.

4. **Lighthouse Insurance**
– **Contact**: Beth Cummings
– **Phone**: 571-991-9028
– **Email**: bcumings@lhins.net
– **Website**: lighthouseins.com
Tailored coverage for the repossession industry, emphasizing wrongful repossession and commercial liability protections.

5. **Recovery First Insurance**
– **Contact**: Jim Deason, CIC
– **Phone**: 800-687-4631
– **Website**: recoveryfirst.com
Comprehensive repossession insurance products, including necessary wrongful-repossession coverage.

6. **Insure It All – Towing and Repossession Division**
– **Contact**: Jason Cowan
– **Phone**: 208-497-0101
– **Website**: insureitall.com
Complete verification surrounding coverage specifics such as wrongful repossession and errors and omissions.

7. **Rise Insurance Solutions**
– **Contact**: Charles Cagley
– **Phone**: 818-860-4150
– **Website**: riseinsurancesolutions.com

Although not currently listed as an AFA insurance vendor, Rise positions itself as a specialist in repossession and commercial-auto insurance, offering comprehensive coverage products.

Additional AFA-Approved Insurance Providers
– **NFP Insurance Services**: Contact Michael Brennan at 714-509-1071.
– **USI Insurance Services**: Contact Matt Wilday at 224-285-6327.
– **Higginbotham Insurance**: Contact Mark C. Gilliam at 281-972-4000.
These additional contacts also provide specialized services.

Key Considerations When Selecting a Policy

When seeking repossession insurance, members should verify several critical aspects of any proposed policy:

1. **Inclusion of Wrongful Repossession Coverage**: Ascertain that the policy explicitly covers wrongful repossession events.

2. **Legal Defense Costs**: Understand whether legal-defense expenses are included within the policy limit or charged separately.

3. **Coverage Scope**: Confirm if both direct and forwarded assignments are covered, as well as whether all types of repossessions (involuntary, voluntary, and impound) are included.

4. **Insurance Carrier Information**: It is vital to know which carriers underwrite each component of the policy to assess financial reliability.

5. **State Availability and Exclusions**: Coverage can vary by state; therefore, understanding state-specific regulations and exclusions is crucial.

**Cyber Coverage**: This coverage is becoming more important as technology advances.

Conclusion

Repossession insurance is an essential component for businesses operating in the recovery sector. With numerous specialized insurance providers available, it’s imperative for businesses to thoroughly examine their coverage options and ask critical questions before securing a policy.
Always remember to obtain written confirmation regarding coverage specifics, and do not hesitate to reach out to the contacts listed above for guidance tailored to your unique needs in the repossession industry.

ABOUT ALLIED FINANCE ADJUSTERS CONFERENCE, INC.

Allied Finance Adjusters (AFA) is the largest, not-for-profit, national trade association of certified, insured and CFPB compliant recovery professionals. AFA has led the industry as the first trade association to offer its members CFPB Training & ongoing continuing education. AFA Members are the most professional in the industry at locating and repossessing collateral on behalf of all lending institutions including, banks, credit unions, financial institutions, rental & leasing companies, buy here pay here, auto, truck and equipment dealerships. All new AFA Members must pass rigorous physical office inspections and background checks.

AFA does not support Phantom or Ghost offices period. All AFA members are independent professional business operators and are covered by the AFA $1,000,000 Fidelity Coverage Policy. For more information please contact our home office (800) 843-1232. “Professionals Hire Professionals”