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auto repossession risks

Use the following checklist to verify a complete submission.


  1. Complete the main garage application [ get it here ]


  2. Complete the repossession supplement. Include details about the customers of the insured and the insured's experience in the repossession business. [ get it here ]

  3. Complete the driver schedule. Make sure to fill in job duties, titles, or family member status (e.g. son, spouse, daughter, etc..) for each driver or employee. Mark each driver whether furnished an auto or not. (this is attached to the garage application)


  4. Include MVR's for each developed driver

  5. If the business is not a new venture, request loss runs for at least 3 years. We may request these, particularly if:

    • There have been losses
    • the account is of a certain size where it will be required by the company guidelines
    • the account may have to be submitted due to unusual characteristics

    Obtain 3 year hard copy loss runs directly from the company. The insured is entitled to receive these, and just needs to request them from the prior agent.

  6. Specifically identify any service vehicles, and always schedule tow trucks, wreckers, and car hauler type vehicles. If physical damage is needed then fill in the current value of the vehicle. Do NOT use cost new. Then consider whether on-hook coverage is needed, and if so, fill in the amount on the appropriate on-hook blank.


  7. Write a narrative about the account. This just needs to be a short description of the account. As an example:
    "This applicant is a new venture but the owner has 10 years experience in the repossession field. He worked as a tow truck driver and for the past couple years as a manager for X Towing Inc. Applicant has contracts with 3 local financial institutions to provide repossession services. The applicant will also do some general towing as time permits. Expected operations are 90% repossession and 10% general towing."


  8. Items specific to repossession operations.
    We generally only proceed if we are going to quote on the entire account. That is, we want to provide a garage policy and include the tow trucks on the policy. We generally are not interested in providing the garage liability without also writing the wreckers and tow trucks, or visa versa. Repossession risks are always submit to the company for approval. Allow additional time for a quote. You will also need to cover specific details regarding what the applicants procedures are if there is a confrontation with a vehicle owner. Generally, we want to see that the applicant just leaves the scene.

    It is desired to provide coverage for both repossessions that are done on a driveaway basis as well as repossessions performed by towing or hauling. Driveaways are charged for on a per driveaway basis. You will need to get an estimated number of driveaways for us to rate on. Driveaways mean that the applicant (who generally has a key provided by the bank) is just unlocking the auto and driving it back to the storage lot or delivering to a bank. Driveaways do not mean that the applicant is just pulling the auto around the corner so that he can get hooked to it with a tow truck.

  9. Use ACORD applications for additional coverages


  10. Assemble and fax to us at 937-547-6472

2012 MS General Agency Inc. dba Cox Specialty Markets