Repo Associations Issue Joint Letter on Vendor Liability Requirements

To Whom it May Can Concern,

Recently, Harding Brooks informed the Associations and our members that we should be receiving a Certificate of Insurance from all vendors who come on our lots. Insurance carriers have always required that their insured’s have a contract in place with vendors who enter onto their property.

The question has been asked, why is this coming up now? This requirement has not been clearly communicated in the past. Going forward our carriers are adamant that this requirement is communicated clearly to all members. With less than a handful of carriers left, who insure our industry, we must act immediately. Insurance carriers have this requirement in place to reduce liability exposures for their insureds from any claim that is caused by a vendor. Having a site entry agreement, being listed as an additional insured, and receiving a Certificate of Insurance from the vendor that shows coverage for their activity on the site will ensure the proper coverages are in place and our members will be extended those coverages in the event of a claim.

Our goal for our members is to have adequate protection for claims they are not responsible for. As an industry, if we do not take a proactive approach, we are jeopardizing the ability to obtain proper insurance for the foreseeable future. We will be happy to address any questions or concerns you may have.

Best Regards,

American Recovery Association

Allied Finance Adjusters

California Association of Licensed Repossessors

Eagle Group XX

Georgia Association of Licensed Repossessors

Massachusetts Association of Professional Recovery Agents

Texas Accredited Repossession Professionals