Auto Repossession

We’re pleased to offer a comprehensive casualty program designed specifically for unique needs of the repossession industry, and designed to meet most lenders’ requirements.
 

Program requirements

  • Business operational for 2+ years or has owner with 5+ years repossession industry experience
  • Secured storage facility with minimum 6 foot chain link fence or equivalent
  • Physical office open at least for normal business hours
  • Ownership of at least one tow unit used for repo work
  • Minimum of 75% of gross receipts from repo operations
  • Maximum of 25% of gross receipts from subcontracted repos
Coverages
  • CGL – occurrence form including wrongful repossession
  • AL – BI/PD; Statutory UM; Statutory PIP (where applicable); Med Pay
  • APD – Comprehensive / Collision – Stated Amount/ACV basis
  • GKLL – Comprehensive /Collision includes on-hook. Direct primary basis except Tier 1 windstorm locations (legal liability coverage available in these locations)
  • IM – Coverage for repossessed property other than autos (contractor’s equipment, boats, office equipment, etc.)
    • Coverage for personal property in repossessed items
    • Coverage for miscellaneous tools and equipment
States available
  • All states except MA and NJ
Limits
  • CGL – 1/3/3
  • AL – $1M CSL BI/PD; Statutory UM and PIP; $5000 med pay
  • APD – Stated Amount basis
  • GKLL – per location limit based on maximum values exposed at each location including on hook limit
  • IM – $250,000 repossessed property other than autos
    • $2500 property of others
    • $2500 miscellaneous tools and equipment
Carriers
  • A+ XV Rated Carrier (nonadmitted)
    • CGL
    • IM
  • A+ XV Rated Carrier (admitted)
    • AL
    • APD
    • GKLL (including In-Tow)




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