CollectionGuard®

CollectionGuard®

An insurance program specifically designed for debt collectors, debt buyers and collection attorneys. The suite of coverages was designed by experienced insurance industry professionals and offers Mutual Choice of Counsel and Worldwide coverage on every policy. The program is administered by Willis Programs and backed by an A.M. Best 'A' XIV rated carrier.
 

CollectionGuard is an E&O insurance program, with the following options:

  • Tail Options (1, 2 and 3 years)
  • Electronic Media Coverage of $25,000 with no deductible
  • Loss of Earnings $500 per day / $7,500 aggregate
  • Subpoena Assistance of $10,000 per policy period
  • Malicious Prosecution - included with personal injury

Program Highlights:

  • Team of professionals with over 30 years of insurance experience
  • Mutual Choice of Counsel offered on every policy
  • Coverage Available for TCPA, FCRA, FDCPA
  • Class Action Coverage available
  • Worldwide Territory Coverage available
  • Industry specific policy language
  • Specialized and experienced professional liability claims handling
     
Click here to access marketing materials for the CollectionGuard program.

Success Story

CollectionGuard was able to provide a per claim limit solution by writing excess over our primary policy form.

Eligibility Requirements

 

Preferred

Accounts

• Bankruptcy
• Auto loan debt
• Credit card debt
• Judgment debt
• Small business debt

Firm Operations

• Firm revenue $1M to $10M
• Low debt values
• Use of Risk Management software
• Audited firms
• Industry certified

Limits

• No split limits
• Claim expenses within limits
• Lower limits in difficult jurisdictions
• Limits up to $5M available for preferred firms

Deductibles

• Apply to both loss and claims expenses
• Apply per claim
• High deductibles viewed very favorably

 

Avoid

Accounts

• Frequent turnover of principals
• Student loans
• Under 80% collections for law firms

Claims History

• 3 or more claims over the deductible
• Firms with greater 60% five year loss ratio

 

Prohibited

Accounts

• Child support debt
• Debt consolidation
• Foreclosures
• International debt collection
• Repossessions

 

Click here to download a PDF version of our Target Firm Guidelines.

Success Story

CollectionGuard was able to provide a per claim limit solution by writing excess over our primary policy form.

Coverage Available*

  • Limits up to $5,000,000 available for eligible firms

  • No exclusions for TCPA, FDCPA and FCRA

  • Mutual Choice of Counsel

  • Malicious Prosecution is included within Personal Injury

  • Loss of Earnings up to $500 per day or $7,500 per policy period

  • Subpoena Assistance of up to $10,000 per policy period

  • Independent Contractors/Of Counsel

  • Tail Options (1, 2 and 3 years available)

  • Available worldwide

  • Class Action coverage of up to $500,000
     

Click here to download a PDF version of our Coverage Feature's Chart.

 

*This is intended as a brief overview of the coverages offered.  Please ask for complete copies of policies for a full description of coverage.

Success Story

CollectionGuard was able to provide a per claim limit solution by writing excess over our primary policy form.

Contact Information

The CollectionGuard insurance program office is located in Tampa, Florida.

Our mailing address is:
4211 W. Boy Scout Blvd., Suite 1000
Tampa, FL 33607

For more information on the services and products, and to learn more about the best ways to address insurable business risks specific to the collection industry contact:

 

Linda Corrigan, VP, RPLU+, Program Manager, Underwriting Manager

Phone: (813) 490-4917
Fax: (813) 712-7001
Email: linda.corrigan@willistowerswatson.com



Claim Reporting Contact:

AmTrust North America
233 N. Michigan Avenue, Suite 1200
Chicago, IL  60601
Attn:  Professional Liability Claim Department
Phone: (312) 803-6081
anaclaimsreporting@amtrustgroup.com

 

 

Success Story

CollectionGuard was able to provide a per claim limit solution by writing excess over our primary policy form.

Obtain A Quote

The CollectionGuard program is available to independent agents in the U.S. You must be approved to write business with Willis Programs before you we can bind coverage for your client.  If you are not, please visit our “Writing Business With Us” page.

The submission should include the following:

  • Completed application and supplement with a clear indication of type of debt collection handled
  • 5 years currently valued loss runs
  • Current financial statement if for deductibles of $25,000+
     

Send completed applications to: collectionguard.submissions@willis.com

 

 

 

Success Story

CollectionGuard was able to provide a per claim limit solution by writing excess over our primary policy form.