Repossession insurance covers risks for individuals and businesses in the repossession industry. It includes liability for improper vehicle towing, injury, and accidental death and dismemberment. Insurance brokers can provide policy information and comparison.
Repossession insurance is an insurance product designed for individuals and businesses in the repossession industry. A person or business that participates in foreclosures can get insurance to cover risks that arise in the course of work. This specialist insurance product is available from a number of different companies and it is advisable to obtain several quotes for comparison before selecting a policy.
The scope of a recovery insurance policy varies. In general, the policy covers liability for issues ranging from improperly securing a vehicle during towing to injury caused by a recovery action. Some of the coverage is similar to that for regular auto and boating insurance, with the recovery agent being covered for accidents that occur while handling vehicles for recovery. Liability may also cover tort recovery actions, with insurance providing coverage for damages awarded by a jury and often offering assistance in finding an attorney to defend the recovery agent in court in the event of such actions.
Another facet of salvage insurance is accidental death and dismemberment (AD&D) insurance, which is designed specifically for salvage professionals. People who work in this industry may find it difficult to obtain AD&D coverage from other insurers due to the increased risks associated with their jobs. Insurance companies that carry recovery insurance may offer AD&D as a separate policy or a rider on an existing policy to provide coverage in the event someone is killed or permanently injured on the job.
Companies involved in the recovery can carry a general insurance policy for their facilities, vehicles and personnel. Freelancers in the industry can obtain their own policies to ensure they are adequately covered for events that may occur during recovery activities. Liability can get quite expensive, especially when it comes to personal injury, and it’s usually highly recommended that you carry salvage insurance along.
Insurance brokers can provide information on available policies from a number of sources, offering a comparison and contrast breakdown between different policies, the coverage offered and their price. People can also call insurance companies themselves to get information about salvage insurance and assemble their own chart for comparison purposes. Some insurance companies have competitive pricing schemes and may be willing to adjust their rates if presented with a lower quote from another company, and people usually also qualify for bundles or bulk discounts if they buy multiple insurance products by one company at the same time.
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