Do you thoroughly read each and every vendor contract that crosses your desk? If not, now is the time to start.
Over the past few years, the repossession industry has seen an influx of cases wherein the lending institution, who by industry standard should hold the repossession agency harmless from any claims arising from their services, is actually holding themselves harmless. What does this mean for you? It means that you and your insurance company would be liable for these claims and the damages resulting from any repossession you perform on behalf of that particular vendor. The most simple solution to this problem is to require the lending institution to sign a hold harmless agreement, holding you, the repossessor, harmless, that has been approved by your corporate attorney.
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