Recovery Specialist Insurance Group established a Purchasing Group to acquire insurance for repossession businesses. Insurance protection in the recovery industry is an extremely fragile product to acquire and retain, evidenced by the number of insurance carriers who exit the business after short stays. The success of RSIG is directly linked to each member’s integrity and their ability to follow professional recovery business practice for services to financial institutions and to comply with RSIG’s Bylaws and operating guidelines.
RSIG remains the premier group of insured repossession agencies by carefully underwriting and screening potential members. Part of that process is making sure that potential members meet certain criteria before undertaking the process of completing the application and gathering all the necessary
- Minimum two (2) years verifiable experience as a manager or owner of a repossession business or qualified repossession experience in a finance adjustment related field. Continuous participation in recovering, securing, and disposing of collateral following applicable local, state and federal laws, rules and regulations.
- A secured storage facility (either leased or owned) to prevent unauthorized entry/access/use/ or damage to stored, repossessed collateral that is not shared with any other company or business activity with at least a six feet chain link fence with 3 strands of barbwire, or comparable security measures. These measures include but are not limited to security lights, monitored alarm system, razor wire, etc.
- Proof of ownership of at least one tow truck to be used in the repossession process and proof of commercial auto liability coverage in the amount of $1,000,000 for that/those truck(s).
Once your application is received, one of our friendly staff will review the information provided and contact you with any questions. Once complete, your application will be submitted to the membership committee for review. You may be asked to participate in a conference call where the committee can meet you and ask any questions they may have. The membership committee will make their decision and you will be notified in writing of their decision. If approved, an inspector will contact you to make an appointment to complete the inspection of your office and storage facility. Approval is contingent upon the results of the inspection.
When submitting an application for membership, each applicant is required to provide the following:
- Copies of drivers’ motor vehicle records for those who will be operating repossessed vehicles.
- Statewide Criminal History Report for applicant and manager, partners, and all corporate officers.
- Copies of loss run reports for tow truck liability and prior repossession coverage for the past 5 years.
- Proof of General Liability insurance for tow trucks and other owned vehicles used in the repossession process (and Office/storage lot if applicable).
- Copies of all applicable state, local and professional licenses.
- Completed and signed application
NO FILE CAN BE REVIEWED WITHOUT THE RECEIPT OF ALL OF THE ABOVE INFORMATION.
If approved there are certain requirements for membership that you will need to be aware of.
If you meet the pre-qualifications and can provide all of the above documentation,
Click here to download our application
Listed below are some of the requirements for membership that are fully described in RSIG’s Bylaws and Membership Agreement. If you have any questions you are welcome to contact our office.
Membership Requirements, once membership is approved (including but not limited to):
- Records maintained in the members’ business office indicating all assignments received from clients. The monthly report accompanying monthly charges based on repossessed collateral must agree with office records.
- Insurance claims documentation describing the circumstances and current status should be on file for each involved account.
- Monthly reports must be available for current and six (6) prior months for review.
- Evidence of instructions to the member’s field adjusters on acceptable techniques for completing a repossession, debtor confrontation procedures, understanding legal requirements, and effective communication with clients.
- Membership dues must be paid annually by JULY 31st or when accepted as new or re-admitted member. Policy regarding late payment of membership dues is outlined in the Membership Agreement and Bylaws.
- Members and/or their office managers are required to attend the RSIG Annual Safety seminar within one year of becoming a member. Thereafter seminar attendance is required at least once every two years. In addition, if there is an RSIG hosted State Specific Case Law Course in your area, your office must be represented. (CARS Certification or other certifications do not apply. Please contact our office for a course list to see if you will be required to attend.)
- Compliance audits are conducted periodically on a random unannounced basis. Members are required to cooperate to assure examinations are completed in a timely manner.
- Monthly reports are due in Manassas Virginia by the 5th working day of the month. Late payment penalties will be assessed on unpaid reports after that date and may lead to cancellation.
Listed below are the other fees that may appear on your monthly statement once you become a member. These fees are subject to change at any time without prior notice.
Membership Related Fees
$300.00 (Paid annually by July 31st or on a pro rata basis when accepted as new or re-admitted member.)
This amount is based on 1 month’s estimated repossessions and is refunded minus any offsets such as deductibles, return check fees, late fees etc. 2 years after a membership is resigned or terminated.
Current Lot Fees / Initial Ins. Pmt.
$360 or $18.00 x # of vehicles currently stored if more than 20 vehicles are stored (Provides premise liability coverage from effective date of coverage and physical damage coverage for vehicles that are currently stored on the lot, but repossessed while covered by previous carrier)
Check by Fax Fee
Credit Card Convenience Fee
3% of purchase or invoice total
Return Check Fee
New or Additional Lot Inspection
Certification Course Registration
Please click here to visit the RSIG University for more information
Annual Seminar Registration Fees
Announced prior to seminar
Late Payment Penalties
10% of monthly report