Blanket Lenders Single Interest Insurance
Blanket Lenders Single Interest covers the financial institution’s interest on collateralized loans for physical damage to repossessed vehicles when no other insurance is in force. Coverage is written on a blanket basis for a lender’s entire auto loan portfolio rather than requiring tracking at the individual loan level. Many coverage options are available to meet individual lender’s needs.
Auto Collateral Protection Insurance
Auto Collateral Protection Insurance provides physical damage coverage to protect the lender’s interest in loan collateral that is determined to be uninsured. Comprehensive and collision coverage is available for the lender to cover the vehicles after the insured has failed to respond to notices requesting proof of insurance.
Mortgage Hazard Collateral Protection Insurance
Mortgage Hazard provides property insurance for a lender’s mortgage loan portfolio for both residential and commercial property. Under the terms of the mortgage agreement, borrowers agree to maintain property insurance coverage on the mortgaged property and to list the lending institution as a lien holder having a security interest in the property. Under the policy issued to the lender, the lender purchases coverage to protect its interest in the mortgaged property when either the borrower fails to provide evidence of insurance or when the property has been foreclosed. The Mortgage Hazard Insurance program does not provide coverage for flood or earthquake.
Flood Collateral Protection Insurance
This coverage is for lender placed flood coverage if the borrower fails to provide such coverage when required. The treatment and process is similar to the Mortgage Hazard program. Coverage is written in conjunction with a Mortgage Hazard Insurance policy with Arch.
Insurance coverage is underwritten by a member company of Arch Insurance Group Inc. This is only a brief description of the insurance coverage(s) available under the policy. The policy contains reductions, limitations, exclusions and termination provisions. Full details of the coverage are contained in the policy. If there are any conflicts between this document and the policy, the policy shall govern. Not all coverages are available in all jurisdictions.