Do You Really Need Those Cyber Liability/Computer Crime and Employee Dishonesty Insurance Policies or is it Just Hype by the Lenders?

Read the following article taken this week from, The Washington Post, and imagine if you will, that  Mr. Thompson in this article was in fact, your employee who gave NPI data to a third party.

2nd man charged in harassing of officer

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Social Media and its Impact on Insurance Coverages

GUEST EDITORIAL

Like a double edged sword, social media can be a great way to communicate or if used irresponsibility can make you bleed headaches.  Remember, what you post on any social media site doesn’t go away….ever.

I hope recovery agents and recovery agency owners around the country will read and maybe re-read this article, because it directly affects you and your insurance coverages.  You’re probably saying that can’t be possible.  Well here is how.

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Exclusive Business Owners Forum Added To NARS 2018 Lineup

North American Repossessors Summit adds two-hour open forum limited to business owners to NARS 2018 schedule

IRVING, Texas – February 5, 2018– North American Repossessors Summit (NARS), an industry event hosted by the American Recovery Association, Inc. (ARA) and headline sponsor Harding Brooks Insurance, is proud to announce the addition of a two-hour open forum meeting exclusively for business owners to this year’s schedule. Business owners will be able to participate in crucial discussions of the challenges and complexities repossessors currently face in order to find solutions that help lay the foundation for the future of the industry.

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Recovery Specialist Insurance Group Announces New Coverages and Value Added Services to its Product Offerings

FOR IMMEDIATE RELEASE

In our continued commitment to our members and the repossession industry, RSIG is pleased to announce that our program now provides the Computer Crime & Privacy coverage that Ally Financial and others are requiring, at no additional cost to the members.

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Repossession Crisis on the Horizon?

GUEST EDITORIAL

Most of us remember the repo boom in 2008-2010 when the housing market collapsed.  At that time anyone with a tow truck and a heartbeat was soliciting work from lenders to pick up their cars.  As panic set in repossessions hit all-time highs. Once the dust settled and banks began recuperating from the financial beat down of the housing market that resulted in the peak numbers of repossession, came the valley.

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Florida Creditor Seminar: Repossession Best Practices

Florida Auto Lending Creditors:

Best Repossession Client/Vendor Relationship Practices

Working With Your Repossessor For Greater Success

Thursday January 18, 2018 

 1-4pm (With Reception Afterwards)

Daytona Shores Resort

Daytona Beach Shores, Florida

Seminar is Free for Florida Creditors and TFA Members.

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I’M DONE! – Final Words from an Agency Owner

EDITORIAL

As the repossession industry continues to experience downward price pressure and continuous unreasonable demands from lenders and forwarders, we are saddened by the closing of yet another repossession agency. Below is a recent post made by the owner of one such agency.

 

Fellow owners I’m DONE. I got in this business when I was 21 years old and was getting paid MORE per repo, fuel was .88 cents a gallon insurance wasn’t even ten thousand per year and a brand new rollback was $52k. Trucks are now $100k fuel is 2$ @ a gallon, insurance is $60k and repo fees are down and now they have stripped us of any way to earn.

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2017 RSIG & AFA Conference Now Offering Stand Alone Classes

2017 Education Training and Trade Event for Repossession & Finance Industry Professionals hosted by Recovery Specialist Insurance Group and Allied Finance Adjusters Now Offering Stand Alone Classes:

Full conference registrations include these sessions and much more, including meals and networking time with exhibitors and lenders.  Full registrations include the opportunity to receive a continuing education certificate showing that you attended over 14 hours of training.

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Allied Finance Adjusters Secures Individual $1M Fidelity Protection Policies for its Members!

Attention Financial Institutions and Recovery Agencies Owners

Allied Finance Adjusters has secured individual $1,000,000 Fidelity Protection Policies for its members!

 

FOR IMMEDIATE RELEASE

Many of you may already know that all the collateral recovery trade associations have lost their group Bond protection insurance policies. The Texas Department of Insurance was the first State to review the “bond” coverage that the trade associations had all purchased (from the same carrier, amazingly).  After the Texas review, other states joined in and began their own reviews of the group bond coverage. After months of looking at the group policies and the way they had historically been handled, the regulators decided that allowing the associations to pay the fidelity bond coverage premium for the entire group of its members was, by state law, an unlicensed “selling” of insurance.  The regulators also took issue with calling it “bond” coverage rather than “fidelity protection” coverage! So, in order to avoid any conflict or sanction by the state regulators, Allied Finance Adjusters went to work and negotiated a compliant program with its new carrier, The Hanover Insurance Group.

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