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Tag Archives: Acts Errors and Omissions Coverage
Why do Auto Dealers Purchase Limited Truth in Lending Coverage?
By Greg Johnson. Why do dealerships keep purchasing statutory errors and omissions coverage that is not likely to protect the dealership if it is sued by a customer for truth in lending violations? I’ve been handling dealership insurance coverage disputes … Continue reading
Protecting the Dealership’s “Front-End” and “Back-End”: What Does that Mean?
By Greg Johnson. Everyone in the retail automobile industry is familiar with the terms “front-end” and “back-end.” They represent two sources of potential revenue (and, hopefully, profit) for auto dealerships: The “front-end” refers to revenue realized on the sale of … Continue reading
Posted in ADCF Policy, Auto Dealer, Coverage, Duty to Defend, Duty to Indemnify, Truth in Lending Coverage
Tagged Acts Errors and Omissions Coverage, Auto Dealers Coverage, Auto Dealers Operations, Auto Dealerships, Consumer Protection Statutes, Duty to Defend, Regulatory Compliance, Truth in Lending
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The CFPB Strikes Again – Class Action Waivers to be Eliminated? Maybe Not.
The Bad News.By Greg Johnson. At a recent Consumer Financial Protection Bureau field hearing in Denver, the CFPB revealed a proposal to eliminate the use of class action waivers in consumer finance contracts. Many retail installment sales contracts require arbitration … Continue reading
Speaking at Automotive Dealer Subprime Sales Success Workshop on April 7-8th in Atlanta, Georgia.
I will be a speaker at the Automotive Dealer Subprime Sales Success workshop on April 7-8th in Atlanta, Georgia. I will be speaking on two related topics. First, about F&I compliance and class action litigation issues (spot delivery, acquisition fees, … Continue reading
Posted in ADCF Policy, Auto Dealer, Coverage, Indirect Financing, Regulatory Compliance, Truth in Lending Act, Truth in Lending Coverage
Tagged Acts Errors and Omissions Coverage, Auto Dealers Coverage, Auto Dealers Operations, Auto Dealerships, Consumer Protection Statutes, Contractual Risk Transfer, Credit Sale, Crime Coverage, Regulatory Compliance
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The Auto Dealer’s Coverage Form (ADCF) Policy: No Coverage for Violations of Prior Damage Disclosure Statutes.
In 2013, Insurance Services Office (ISO) rolled out its new Auto Dealers Coverage Form (ADCF) Policy. The ADCF Policy replaces the Garage Liability (GL) Policy which had been available for decades. One of the most major differences between the GL … Continue reading
Sonic Dealerships Lose Class Action Insurance Coverage Dispute with Chrysler Insurance: Statutory Errors or Omissions Coverage did not apply to Dealers’ Failure to Disclose Price of Etch in Retail Installment Sales Contracts.
By Greg Johnson. I recently posted an article providing a general overview of the insuring clause to the “Acts, Errors or Omissions” of the new Auto Dealers Coverage Form (“ADCF”) Policy. (See the article here). This optional coverage is primarily … Continue reading
The Auto Dealer Liability Policy: Analyzing Coverage for Statutory Acts, Errors or Omissions Claims (TILA, CLA, FCRA, ECOA, FTC, GLB, CFA & UDTPA)
By Greg Johnson. In previous posts, I’ve discussed the new Auto Dealers Coverage Form (“ADCF”) policy which ISO developed to replace the Garage Liability Policy in late 2013. Prior blog articles include: The Comprehensive Guide to the 2013 Auto Dealer’s … Continue reading
Auto Dealer Coverage: No Coverage for Violation of FTC Used Car Buyer’s Guide Regulation
By Greg Johnson. In 2013, Insurance Services Office (“ISO”) rolled out its new Auto Dealers Coverage Form (CA 00 25) (“ADCF” policy) The ADCF policy replaces the Garage Liability (“GL”) policy which had been available for decades. One of the … Continue reading
The Comprehensive Guide to the 2013 Auto Dealer’s Coverage Form: “Acts, Errors or Omissions” Coverage for Violations of Federal and State Consumer Protection Statutes Affecting the Auto Dealer’s F&I Department Operations.
By Greg Johnson. In 2013, Insurance Services Office (“ISO”) rolled out its new Auto Dealers Coverage Form (CA 00 25) (“ADCF” policy) The ADCF policy replaces the Garage Liability (“GL”) policy which had been available for decades and retains the … Continue reading
Posted in ADCF Policy, Auto Dealer, Coverage, Miscellaneous
Tagged Acts Errors and Omissions Coverage, Auto Dealers Coverage, Auto Dealers Operations, Consumer Protection Statutes, Equal Credit Opportunity Act, Fair Credit Reporting Act, Federal Odometer Act, Magnusson Moss Warranty Act, Regulation M, Regulation Z, Retail installment sales act, Truth in Leasing, Truth in Lending
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