DESCRIPTION:

This system provides insurance follow-up/tracking on autos, trucks, trailers, motorcycles, boats, mobile homes, recreational vehicles and real property.  A computer file is established on each loan with type of collateral and will match incoming insurance mail to the loan.  If a borrower’s insurance cancels, expires, or is not received, notices will be issued requesting a policy to insure the collateral for the lender.

BENEFITS OF THIS PROGRAM FOR THE LENDER

§       Tracking of all insurance documents and titles.

§       Transfer the costly clerical expense of insurance follow-up.

§       Lender maintains total control of notices and policies issued on collateral.

§       Lender has the option of filing a claim without repossession.

§       Reduces charged-off loans caused by damaged collateral.

§       Does not penalize the borrowers who buy their own insurance.

§       Detailed management reports provided.

 

 

AVAILABLE COVERAGES

TITLED VEHICLES

§       All Risk Physical Damage

§       Loan Payoff in place of Actual Cash Value

§       Automatic Coverage – All eligible loans are protected at all times

 

      REAL PROPERTY

§       “All Risk” hazard insurance on residential property

§       Broad “Named Perils” hazard insurance on commercial property

§       Flood Insurance

§       Automatic coverage on eligible properties