Is Your Business Covered for Wrongful Repossession?
Highly specific terms exist for what constitutes defaulting with regard to vehicles obtained on credit. Beyond the standard list of requirements often exist regional or local laws that further complicate the process of repossessing. When an entity fails to meet these requirements, it can lead to potentially costly lawsuits for all parties involved. Even groundless suits can prove costly and time-consuming. Surprisingly, many repossession businesses have little or no wrongful reposession insurance. Protecting your repossession and recovery business from such claims is crucial to maintaining the health and reputation of your business, and has a positive impact on your bottom line. At WCI, we specialize in wrongful repossession insurance and similar coverages. To learn more, contact us.