Check and Title Insurance is peace of mind.  It provides this peace of mind for automobile auctions and dealers by guaranteeing that each sale is fully protected by a respected company that has supplied this coverage for nearly half a century.  The Check and Title Policy protects the auction against bad checks from buying dealers, as well as losses resulting from the sale of stolen vehicles through the auction. 

Auction Insurance Agency handles both the underwriting responsibilities and loss payment authority.  Therefore, we are able to prevent many losses and respond promptly with payment when losses do occur.  The charge is based on the number of vehicles actually sold at the auction.

Regardless of the loss situation your auction faces, Auction Insurance Agency is prepared to assist you with a talented staff of trained professionals.  When time is of the essence, one phone call to our office will bring immediate action to help resolve the problem.

What does Check and Title Insurance Provide?

Our Check and Title Insurance offers more than just a guarantee to protect the auction against losses arising from bad checks and stolen vehicles.  We also provide proven loss prevention service, effective loss recovery techniques, and prompt payment on any losses.  Most importantly, we provide quality service.

Loss Prevention
The effectiveness of our insurance program is based on our excellent partnership with auction owners and staff.  We understand that running a successful auction involves making quick, informed decisions.  At the center of our unique loss prevention program is the KO Book, a listing of dealers whom we will not insure.  This is furnished to each insured auction and contains the names of dealers who have given bad checks or sold stolen vehicles, as well as others who in our opinion do not warrant insurance coverage.  Additions and deletions of uninsurable dealers are made on a daily basis through the input of auction operators and law enforcement personnel across the country.  With this valuable underwriting tool, we are able to help our insured auctions prevent potentially costly losses. 

Loss Recovery
Our high rate of loss recovery reduces our overall insurance costs.  Our staff is well trained in effective check and title loss recovery techniques.  In addition, we are available to advise insured auctions on nearly any loss situation that should arise.  By working with our attorney, law enforcement officials, and auctions across the country we are able to quickly and efficiently recover many losses.

Quick and Convenient Loss Payment
With our loss payment authority, all losses are handled without delay.  We know that prompt payment is vital to maintaining good dealer relationships in the event of a loss.  With that in mind, we work quickly to satisfy any claims submitted.

Why is Check and Title Insurance Necessary?

The auction industry has experienced dramatic growth in recent years, and with that growth has come the potential for equally dramatic losses. With the prices of the vehicles sold at auctions continuing to climb, a problem involving only a few vehicles can mean a substantial business loss.

Sound business practices and thorough dealer investigation can prevent many, but not all, check and title losses. Auction Insurance Agency has built its reputation on working as the auction's partner to guard against loss.

Catastrophic losses can and do happen even at the most carefully managed auctions. Over the years, Auction Insurance Agency has seen that some of the largest losses were caused by dealers who were considered valued customers. Even dealers who appear to be trustworthy can actually be con artists who operate at auctions on a weekly basis.

Such losses paid by Auction Insurance Agency include:

A dealer in Missouri sold 143 stolen vehicles through one auction over a period of four years. Until the FBI uncovered his operation and began investigating this dealer the auction had considered him a good customer.

In 1995, a dealer in Florida wrote bad checks and drafts at auctions across the state. He then retailed the vehicles and fled to South America. The combined losses were well over $1 million.

In 1997, a California dealer used a network of representatives to write bad checks and drafts at nearly 20 auctions across the country in a matter of days. The total of the losses exceeded $8 million.

Auction Insurance Agency works together with the auction operator to see that he is in the best possible position to prevent losses. More importantly, Check and Title Insurance is the auction operator's guarantee that a catastrophic loss will not mean financial ruin for his business or his dealers.