The professional liability insurance policy, exclusive to ACA and RMAI members, was created specifically for passive debt buyers.
02/16/2024 1:45 P.M.
2 minute read
Representatives from Collectors Insurance Agency (CIA) and ACA International attended the Receivables Management Association International (RMAI) Annual Conference earlier this month, where they strengthened connections with industry professionals and shared information about our new professional liability insurance policy for debt buyers.
“Engaging face to face with folks from our various membership categories—including collection agencies, attorneys, creditors and vendors—was so fun,” said Andrew Schuh, member relationship manager for ACA. “Each of our member groups was represented at RMAi, and I know they were pleased to be supported with ACA’s presence. We all made many new connections and I know that I, personally, had some amazing discussions.”
The conference, which was held in Las Vegas, Feb. 5-8, attracted more than 1,400 attendees, making it a great place for ACA representatives to promote our brand-new professional liability policy, which is only available to RMAI member debt buyers or ACA member passive debt buyers.
Kristina Warmka, insurance manager for Collectors Insurance Agency, affirmed that representatives from CIA, QBE and Aon Risk Services had a successful week in Las Vegas meeting with ACA and RMAi members.
“It was so exciting to talk to people about our new insurance offering to debt buyers,” she said. “Plus, it’s always nice to meet our members in person and make new connections with fellow industry professionals.”
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. 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 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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