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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