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What is Payment and Title Guaranty Insurance?
Payment and Title Guaranty Insurance protects auctions against bad checks and failure to collect from buying dealers. It also protects against losses that result from the auctioning of stolen vehicles.
The charge is based on the number of cars actually sold at the auction. Auction Insurance Agency handles both the underwriting responsibilities and loss payment authority, enabling us to help prevent losses and to respond promptly with payment when they occur.
The auction industry is risky by nature. The average auction exposes itself to millions of dollars in transactions each month. At Auction Insurance Agency, we understand these risks and can often be the key to a satisfactory resolution when problems do occur. Regardless of the situation your auction faces, we are prepared to assist you with a talented staff of trained professionals.
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What Does Payment and Title Guaranty Insurance Provide?
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 list of dealers on whose transactions we will not provide coverage. 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 loss recovery techniques. By working with our attorney, law enforcement officials and auctions across the country, we can quickly and efficiently recover many losses. In one instance, our recovery efforts took us all the way to Colombia, South America, where we recovered over $600,000 in vehicles. Our years of expertise and experience can be a valuable resource for any auction.