Introduction
If your business model offers consignment agreements (managing a rental that is not registered to you), learn what requirements are needed for claim settlement.
Do you have a consigned vehicle?
Our claims team encourages you to add the following language to your agreement to assist with a faster settlement.
"During the term of this Agreement, the Owner agrees that the agent/dealer shall have full authorization to accept, receive, and deposit any funds from an insurance company for any claim."
Including the above language in your consignment agreement with the vehicle's owner will help streamline your claim payout process.
What if I don’t have language in my contract to support payment?
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In that case, we will need an Authorization to Pay or Direct to Pay signed document from the vehicle host to issue the claim payment to you rather than the host. This can be a simple signed document including both parties and the date. The host can choose to give you authorization for a single claim or as an adjustment to your standing contract (see *example below)
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Upload your Consignment agreements and/or your Direct to Pay Form in the vehicle's 'Documents & Files' section on the vehicle page - this will enable the claims team to access the documents and save you from having to find and send them to the insurance claims team, which can delay the claims process.
Example of a direct-to-pay form
There may be times when (Name of Management Company) files an insurance claim. During the term of this Agreement, the (Name of Vehicle Owner) agrees that (Name of Management Company) shall have full authority to accept, receive, and deposit any funds from an insurance company for any claims.
VIN Number:
Make, Model, and Year of vehicle.
Owner Signature: ___________________________________________________