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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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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