Wrongful Possession Insurance
WRONGFUL POSSESSION INSURANCE is meant to include damages arising out of a negligent act, error or omission in rendering, or failure to render professional services by auto repossessors, including wrongful repossessions.
Recovery Insurance Services provides clients with Wrongful Repossession coverage, which is a type of errors & omissions or professional liability coverage.
There are some common misconceptions about this type of policy, so it’s important to learn more before you make any decisions.
General Liability policies actually exclude this type of coverage. However, our policies include the endorsement, which gives this coverage back under General Liability. The minimum limit for a wrongful repossession policy is $1,000,000.
Below, find more specific details on Wrongful Repossession and how it may impact you and your business:
The insurance company will defend any suit against the INSURED seeking DAMAGES to which this insurance applies, even if any of the allegations of the suit are groundless, false or fraudulent and it is agreed that the COMPANY may make such investigation and settlement of any claim or suit as they deem expedient, but the COMPANY shall not be obligated to pay any claim or judgment or to defend any suit after the applicable limit of the Company’s liability has been exhausted by payment of judgments or settlements.
Contact the Recovery Insurance Services team today and we’ll provide you with more information or help you get started with wrongful repossession insurance coverage.