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