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.
§ All Risk Physical Damage
§ Loan Payoff in place of Actual Cash Value
§ Automatic Coverage – All eligible loans are protected at all times
§ “All Risk” hazard insurance on residential property
§ Broad “Named Perils” hazard insurance on commercial property
§ Flood Insurance
§ Automatic coverage on eligible properties