Repossessed autos endorsement

{
  "id": "MLC-T-INS-002895",
  "term": "Repossessed autos endorsement",
  "field": "Insurance and risk management",
  "definition": "An addition to an insurance policy, usually a garage or dealers policy, that provides coverage for vehicles that have been repossessed by a financial institution. This endorsement extends physical damage coverage to these vehicles while they are in the care, custody, or control of the insured. It addresses the unique risks associated with storing and transporting repossessed collateral.",
  "subject": "Personal Lines",
  "url": "https://mlchart.com/terminology/insurance/repossessed-autos-endorsement/"
}