NAICS UNIVERSITY · Free research for insurance agents
Repossession Services
NAICS 561491 · United States · 2022 edition
This U.S. industry comprises establishments primarily engaged in repossessing tangible assets (e.g., automobiles, boats, equipment, planes, furniture, appliances) for the creditor as a result of delinquent debts.
Start the review with wrongful repossession liability.
For Repossession Services, the saved research highlights wrongful repossession liability, garagekeepers / bailee liability, commercial auto. Confirm how these arise in the actual operation, what controls are used and whether additional services change the proposed coverage.
Questions to ask
- What types of collateral are recovered — passenger vehicles only, or also boats, aircraft, RVs, or equipment?
- How many repossessions are performed annually, and in which states?
- Does the firm perform any skip tracing, field investigation, or locate services in addition to physical recovery?
- What is the average number of units held on the storage lot at any one time, and what is the estimated average unit value?
- Any prior wrongful repossession claims, breach-of-peace incidents, or confrontation-related losses?
- For Repossession Services, what should the underwriter know about recovery of aircraft, marine vessels, or high-value exotic vehicles without specialized coverage in place?
- For Repossession Services, what should the underwriter know about prior wrongful repossession claims or contested recovery disputes?
- For Repossession Services, what should the underwriter know about breach-of-peace incidents, confrontations, or use-of-force history in the operation's background?
Activities described by this code
Other activities to examine
Census classification reference
For educational purposes only. AI-generated insurance research and automated logic can contain errors. Independently verify classification and coverage decisions.
Compare another operationInsurance operations research — draft
Repossession firms recover tangible assets — most commonly automobiles, motorcycles, boats, recreational vehicles, and equipment — on behalf of lenders, banks, credit unions, or finance companies when borrowers default. Work typically involves locating the asset using skip tracing or license plate recognition, physically recovering and transporting it, and storing it at a secure lot until the creditor disposes of it.
Questions to investigate
- What types of collateral are recovered — passenger vehicles only, or also boats, aircraft, RVs, or equipment?
- How many repossessions are performed annually, and in which states?
- Does the firm perform any skip tracing, field investigation, or locate services in addition to physical recovery?
- What is the average number of units held on the storage lot at any one time, and what is the estimated average unit value?
This insurance research was generated in April 2026. It has not received a complete human review. The October 12, 2026 audit checked codes and titles only, not descriptions or coverage assertions.