The new professional liability insurance policy, exclusive to ACA and RMAI members, is specifically for passive debt buyers.
11/02/2023 11:30 A.M.
1 minute read
Collectors Insurance Agency (CIA), a subsidiary of ACA International, provides members exclusive access to risk management products and services tailored to each members’ specific needs.
And now, after working with its insurance broker, Aon, and its E&O carrier, QBE, CIA has created a new professional liability insurance policy for passive debt buyers.
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).
For additional information, email [email protected] or call (952) 928-8000, #4.
General inquiries about Collectors Insurance Agency should be sent to: [email protected]
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