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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April is National Distracted Driver Month!

Seems these days there is a day or a month in honor or recognition of anything and everything, but this month there is an important one that all in the repossession industry need to pay attention to and that is National Distracted Driver Month.

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Allied Finance Adjusters Secures New Insurance Options for its Members

“The Largest Not-For-Profit National Trade Association Of Repossession Specialists Since 1936”

Allied Finance Adjusters has the Solution!

PRESS RELEASE

Many of you may already be aware of the notice of intent to cancel every trade association’s current $1,000,000 and $5,000,000 insurance policies by the carrier, Travelers Insurance Company.  This stems from a six month long investigation by the Texas Department of Insurance (TDI) regarding the crime policies the associations in the industry have been providing to its members.  

It has taken hard work and diligence to acquire our new insurance broker Brunswick Companies, we have been able to secure new policy options for our members. This program was put together specifically for Allied Finance Adjusters and is underwritten by oldest insurance company in the United States, The Hanover Insurance Group.

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Why is Insurance for the Towing and Repossession Markets so Hard to Find?

Press Release

RSIG requires members and most national client contracts require repossessors to have $1,000,000 in commercial auto coverage for scheduled vehicles or “owned-autos” a/k/a your tow trucks, spotter vehicles and camera cars.  Repossessors have often tried to minimize insurance costs by just having a towing policy, which they believe covers repossession activities.  And for years towers have used their towing policy to try to get into doing repossessions, without having the same coverages and costs associated with their policies.

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2017 RSIG/Allied Annual Training Convention

San Diego, California – June 21-23, 2017

The repossession industry education, training, trade and networking event of 2017 is set and registration is open.  Recovery Specialist Insurance Group and Allied Finance Adjusters Conference Inc. will be coming together again in 2017 in San Diego, California to host this industry event.

The dates of this event are June 21-23, 2017.

The location, the beautiful Sheraton San Diego Hotel & Marina.

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Allied Finance Adjusters 80th Mid-Year Meeting

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Golden Nugget Hotel & Casino Las Vegas, NV – Sept 21st -23rd, 2016

All 95 attendees at the Allied Finance Adjusters Mid Year meeting hit the JACKPOT!

Along with the camaraderie and networking, which was amazing, there was top notch education.

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Exclusive American Recovery Association Insurance Program Participants Operate Above the Industry Standard

ARA_LRG2FOR IMMEDIATE RELEASE

Irving, Texas, April 27, 2016 – American Recovery Association (ARA), the world’s largest association of recovery and remarketing professionals, is excited to announce that ARA members who participate in the exclusive ARA insurance program have an average loss ratio 20% below the industry average. This program-wide loss ratio allows a dividend back on insurance premiums for all program participants.

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The 11th Hour

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From the Desk of Recovery Specialist Insurance Group

 

Manassas, VA – April 22, 2016 -Recovery Specialist Insurance Group has always been known as the cream of the crop when it comes to insuring repossessors. But some lately begin to talk that perhaps we’re not as selective as we once were. We disagree. We still deny membership to a majority of people who reach out to us because they cannot meet our underwriting requirements. Each member of RSIG goes through a stringent underwriting process and through this process we see the good, the bad and the ugly.

RSIG is an insurance entity. Our strength comes from our underwriting expertise and our ability to find and maintain insurance for an industry plagued with politics, egos and at times unscrupulous behaviors on both sides of the desk… the insurance client (you, the repossessor) and on the other side the insurance agent.

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