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Collection Agencies E&O

Collection Agencies are being required to carry Professional Liability coverage more and more. This coverage can often be a challenge to obtain if you do not know which carriers are still writing them or offering the correct coverage. Defense for suits alleging failure to comply with the Consumer Protection Acts are the most common suits Collection Agencies face. FDCPA lawsuits are rising every year. Even frivolous claims cost money to defend; thus, this coverage is vital to a Collection Agent’s business.We know where and how to get Collection Agent E&O.

Typical claims for Collections Agencies E&O are technical violations under the FDCPA or TCPA, such as:

  • Failing to properly disclose that the caller is a debt collector
  • Failing to properly disclose in writing that the insured is collecting a debt
  • Calling a cell without consent or after consent is withdrawn
  • Calling the wrong person on a cell – no consent
  • Charging improper fees when accepting payment via CC (i.e., unlawful convenience fees)
  • Contacting friends, family, co-workers of the debtor for more information
  • Intimidation over the phone / aggressive call tactics after authorized hours or numerous times a day
Coverage Classes
  • Bad Check Recovery
  • Business to Business
  • Education
  • Government
  • Healthcare
  • Passive Debt Buyers
  • Retail
  • Utilities
Policy Highlights
  • Statutory Damages arising from violations of the FDCPA, FCRA or TCPA
  • Owned Debt
  • TCPA Fines & Penalties
  • Personal Injury
  • Defense for Discrimination Claims
  • Defense for Dishonest, Fraudulent, Criminal Acts
Optional Coverage Enhancements
  • Optional Privacy/Security Coverage
  • Some forms available with no separate retention or sub limit for class action suits
  • Additional Insureds for vicarious liability when required by contract

Capitol Special Risks is a Professional Liability wholesale provider. The coverages, highlights, and enhancements represented are indications of market availability through CSRisks, but are not guarantees of coverage offerings. Please refer to the actual indications, specimen forms, and endorsements for complete terms and conditions.