Managing Risk: Understanding Your Service Providers Insurance Coverages

Guest Editorial

June 10, 2019 – There are few actions that a lender takes that has more potential for legal claims than a vehicle or collateral repossession. Ensuring that your service providers have the right types and amounts of insurance coverage is critical to managing the risk.  While your contracts may be clear that the service provider indemnifies your institution in these matters, without the coverages in place, the contractual obligation may not mean much.  

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