| * If you feel the
agency you hire should be bonded, make sure you are issued a
certificate of bonding. ** If
the collateral you wish to have repossessed has any significant
value, make sure you verify that their on-hook coverage exceeds
the value of your collateral.
*** If you expect to hire the
repossession agency to store your collateral, verify that their
garage liability coverage is high enough.
**** If there is a possibility
that the collateral contains personal effects that may need to
be insured in case of claims of theft or loss, verify that
their policy has coverage for personal property storage.
***** If you are concerned that
you could be held responsible for any injury that should occur
to the recovery agent while repossessing your collateral,
verify that they have workman's compensation coverage, or the
very least consider getting a waiver signed.
****** Many Lenders require
coverage of ' 1 Million Dollars per Occurrence ' There is an
insurance carrier that provides wrongful repossession insurance
that has an aggregate of 1 million dollars on wrongful repo and
auto liability with per person limits of $250K. BE AWARE OF THE
LIMITS PROVIDED!
|
