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)
- A+ XV Rated Carrier (admitted)
- AL
- APD
- GKLL (including In-Tow)