Ocala Insurance, the repo insurance specialists
REPOSSESSION CONTRACTORS UNDERWRITING GUIDELINES
This program is for licensed “Recovery Contractors” who work with major lenders, (Banks, Ford Motor Credit, Honda Credit, etc). We do not write operations who work with the “Buy It Here Finance It Here” dealers, Pawn Shops, Pay day Loans, etc. Recovery Contractor – is a company engaged in the repossession of “collateral” (Vehicles, Boats, etc.) for a Major Financial Institution under a signed contract.
ELIGIBLE CLASSES
Recovery Specialist Operations that also have the following Garage Operations:
- Transport of Repossessed Vehicles
- Towing for Hire Operations
- Drive away if less than 25% of their operations.
INELIGIBLE CLASSES
- Recovery Specialist Operations with the following Exposures:
- Any operation in business less than 3 years in current name.
- Recovery specialists who do work for “Buy It Here Finance It Here” Sales Companies.
- Operations with a Convenience Store on the same Premises or under the same Name.
- Operation of Repossessing Yachts and Repossession of boats by means of water only.
- Operations who have a trucking/hauling for hire exposure of 25% of the total revenues for the business.
- Any operation that cannot show proof of pollution coverage for Underground Storage Tanks
- at it’s insured location.
CARRIER &TERRITORIES
- Admitted & Non-Admitted A+ XV rated Carriers
- Territory: All States except AK, CT, DC, MA, NM, PA, WV
SUBMISSIONS
- Recovery Supplemental Application The Application Must Be Complete.
- Completed schedule with Cost New Values or Stated Amounts and the On Hook Cargo Limits
- Five Years currently valid Loss Runs
- Completed Employee List Indicating ALL Employees, their job title, and years experience
- Current MVRs for ALL Employees
- Premium Financing Available
For your convenience, we have all necessary forms,here
- Word doc (.doc) – to download, right click and choose “save target as” or “save link as” download and fill out on your computer, or print and fill out, then save document and send to us through email, or using the upload form found on this page below or fax to 352.867.7020
Repo Insurance Documents
Word docs
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