The professional liability insurance policy, exclusive to ACA and RMAI members, is specifically for passive debt buyers. You can learn more about the policy at the RMAI Annual Conference Feb. 5-8.
01/29/2024 2:45 P.M.
1.5 minute read
Collectors Insurance Agency (CIA), a subsidiary of ACA International, has worked with its insurance broker, Aon, and its E&O carrier, QBE, to create a new professional liability policy for passive debt buyers.
The policy is only available to Receivables Management Association International (RMAI) member debt buyers or ACA member passive debt buyers.
CIA and ACA representatives will be at the RMAI Annual Conference in Las Vegas, Feb. 5-8, to discuss and answer questions about this exciting new policy. We encourage you to attend the conference and connect with our team right outside the exhibit hall in the Ironwood Promenade.
The Passive Debt Buyer’s Professional Liability Policy (PDF) is offered by QBE and designed for debt buyers that outsource their collection activity. Coverage offerings include vicarious liability, regulatory liability, and investigations with limits of liability up to $2 million.
This policy is specifically intended to cover passive debt buyers for claims arising out of vicarious liability when engaging the services of collection agencies and attorneys.
- A vicarious liability claim is any written demand or civil proceeding against an insured, alleging a vicarious debt collection wrongful act. CIA’s coverage applies to damages and defense.
- Investigation or regulatory claims against a passive debt buyer could be brought on the federal, state or on the local level. The claims can be presented by an administrative, regulatory or disciplinary body. CIA’s coverage applies to defense costs for regulatory and investigation claims.
ACA members can read the policy guide here (PDF).
CIA provides members exclusive access to risk management products and services tailored to each members’ specific needs. For additional information, email [email protected] or call (952) 928-8000, #4.
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