Common Myths about Repossession Insurance
All insurance is the same - a towing policy is the same as a repo policy
This is completely false. Endorsements are what change a general liability policy and what makes a building contractors policy different from a towing policy which is completely different from a repossession policy. In fact, a certain ("brunette in white" - that you often see on TV) carrier who has a strong presence in the towing industry cancels those policies when they find out more than 25% of the insured's business is repossession.
Properly written endorsements by insurance providers and programs with extensive and proven repossession experience ensure that your agents and accounts are properly INSURED. All certificates and coverages are not the same.
Recovery Specialist Insurance Group has been providing repossession insurance to repossessors exclusively for over 20 years. Our pricing remains stable, allowing us to stand the test of time through hard and soft markets giving repossessors a safe harbor from the volatile markets.
Our experience in the industry gives us the knowledge we need to work with our carriers to transform a generic general liability policy into something that provides repossessors and lenders with the proper coverage needed for repossession exposures. A poorly written endorsement can give coverage on one page and promptly take it away on the next. Would your staff know how to review a policy to see if this is true in the policies you're accepting?