Insurance & Bonding
For all collection accounts that Debt Credit Services/Collection Management Systems handles, we are insured and bonded. The insurance and bonding under which DCS/CMS operates include:
- Worker's Compensation Insurance as required by each jurisdiction where DCS/CMS is providing services
- Comprehensive General Liability Insurance and, if the use of automobiles are required, Comprehensive Automobile Liability Insurance, each with limits of at least $1,000,000.00 per occurrence for bodily injury and property damage
- Insurance in an amount of not less than $1,000,000.00 covering the liabilities and indemnification obligations assumed by DCS/CMS under the Agreement it enters into with a particular Client.
- DCS/CMS shall require each of its subcontractors to procure the same types and levels of insurance that DCS/CMS maintains.
- During the course of any Agreement that DCS/CMS enters into with a Client, DCS/CMS shall, at its expense, procure and maintain a fidelity or security bond, on forms and with a bonding company acceptable to the Client, in a minimum amount of one hundred thousand dollars ($100,000.00), under the terms of which the bonding company agrees to reimburse the Client for any loss, damage or expense the Client may sustain by reason of DCS/CMS or DCS/CMS's employees or subcontractor's fraud, dishonesty, forgery, theft, larceny, embezzlement, wrongful conversion or abstraction or misappropriation of funds or any other similar dishonest act or omission.