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| 1.
Is the RecoveryFirst program available for new businesses? We now require 3 years in the repossession business (with insurance). We are looking for professionals with experience in collections, skip tracing and repossession. This means a working knowledge of the Federal Fair Debt Collectors Act. |
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| 2.
Do you have to belong to an association to qualify for this program? No. We do encourage all professionals to work together (which includes joing associations) for their common interest and to provide the public with professional service. |
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| 3.
Does Recovery First Program write business auto insurance? Yes. To qualify for this program we must write your tow trucks. |
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| 4.
Does the Recovery First Program offer a 1,000,000 Bond? Yes. Our bond protects both the creditor and you. |
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| 5.
What is Repossessed Property and Garage Keepers? Our program is designed to cover all types of repossessed property at the storage lot, on-hook, driven-away and at other incidental locations (without a lot of complicated endorsements) for 1 premium charge. Garage Keepers covers automobiles unless endorsed and on-hook and drive-away coverage is extra. |
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| 6.
What is the difference between Garage Keepers Legal Liability and Direct Primary Insurance? Garage Keepers Direct Primary covers damage to the repossessed vehicle if it is damaged due to a named peril (fire, theft, collision and etc.). Garage Keepers Legal Liability only covers damage that is caused by your negligence. Example of covered
claim: |
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| 7.
What is an Umbrella or Excess Policy? Umbrella or Excess policies provide liability limits above the limits of insurance for the covered policies. Example: 5,000,000 Umbrella/Excess policy gives you 6,000,000 general liability and automobile liability coverage. |
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| 8.
Do I need Workers Compensation Insurance? Yes, Yes, Yes, Yes, Yes, Yes. In 99.9% of the circumstances your health insurance will not provide coverage. |
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| 9.
Is workers compensation coverage available in this program? Yes. Availability is limited by state and other underwriting considerations. |
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