RECOVERY INDUSTRY STANDARDS CHECKLIST

 

o Current copy of all required and applicable licenses

            oBusiness License (Repossession Agency)

            o City and State Department of Transportation Towing License

Verify with the issuing agencies to verify the licenses are valid and in good standing

 

o Industry Standard Insurance:

            o 1 Million General Liability / 3 Million Aggregate

            o 1 Million Auto Liability/scheduled Hired & Non-owned coverage

            o Adequate coverage to protect your interests for Direct Primary, Garage

            o  Garage Keepers and On Hook (minimum $100,000.00)

            o Certificate of Worker’s Compensation Insurance Coverage

            o Request to be listed as an additional insured and certificate holder

Verify with the issuing company that the policy is valid and in good standing

 

o Bond Certificate, minimum 1 Million Dollars (verify with issuing entity)

o Industry Trade Association Certificate of membership (TFA, ARA, AFA)

o Minimum 5 years in the Asset Recovery Business

o 3rd party lot inspection

o Industry accepted certification, MPRS, CARS, FACTS, RISC

o Owner and Employee Background Checks

o Minimum 3 verified Client references

 

Obtain Copies of:

 

o Complaint Handling policy and procedures

o UDAAP Policy

o Confidential Information Security Policy

o Emergency Management and Disaster Plan

o Education & Training Policy & Procedures

 

It is not enough that a service provider gives you the required documents but YOU MUST VERIFY THE VALIDITY OF THE DOCUMENTS