AIA ensures that a buyer's problems do not become your problems.
Every year, good stockyards fall victim to their own customers. Livestock Market Payment Insurance protects against bad checks and other payment defaults from buyers.
Auction Insurance Agency handles both the underwriting responsibilities and loss payment authority, enabling us to prevent losses and to respond promptly with payment when they occur. The average auction market exposes itself to millions of dollars in transactions every year. At AIA, we understand these risks and can often be the key to a satisfactory resolution when problems do occur.
Why is Payment Insurance Necessary?
By nature, the livestock business is a high-volume low-margin business, which leaves little room for disruptions to cash flow. Slow payments by as few as one or two buyers can lead to deficiencies in custodial accounts and ultimately create financial problems for the stockyard. On average, six auction markets fail per year. Don't let cash flow disruption or catastophic loss spell financial ruin for your business.
The premium charge is based on the final sale price of the livestock sold. For a nominal fee per head, you can protect your business from catastrophic losses and costly cash flow distributions.
Running a successful opreation involves making quick, informed decisions and our loss prevention program centers around our knowledge of buyers that present a risk of default and our ability to notify our customers of that risk. This enables us to help our insured auctions prevent potentially costly losses, as well as increase the potential for recovery.
Our high rate of loss recovery reduces our overall insurance costs. With years of experience, our staff is well-trained in effective loss recovery techniques. Our expertise can be a valuable resource for any auction.
AIA partners with trustworthy leaders in
the livestock industry.
The Experience of Auction Insurance Agency
In 1953, Auction Insurance Agency pioneered a unique insurance program designed to meet the needs of the auto auction industry, commonly known as Payment and Title Guaranty Insurance. In 2013, at the request of stockyard owners, AIA modified this program and began offering coverage to the livestock industry through our Livestock Market Payment Insurance.
Whether it is cars or cattle, AIA guarantees that buyers have the financial means to make the purchase. AIA illuminates and eliminates risk, and provides a stable marketplace to conduct business.
The Power of AutoTec
AIA is an affiliate of AutoTec, a privately held business in Birmingham Alabama, that traces its history back to the late 1800's when the company's earliest businesses included selling insurance, financial guaranty bonds, real estate, and typewriters.
Today, AutoTec provides a comprehensive suite of software solutions and specialized services. AutoTec is a leading innovator in insurance, credentialing, vehicle history and dispute resolution as is focuses on the evolving needs of on-site and online marketplaces.