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Blanket Mortgage Protection

Product Description:   Blanket portfolio protection against losses due to  N uninsured real property securing a mortgage loan.

             Eligible Loans:       First mortgages, second mortgages and home equity  lines.

     Eligible Collateral:      Commercial and residential property, including mobile homes.

                     Coverage:        Covers all risk of damage to real property excluding earthquake, flood, war or nuclear hazard.  Flood protection can be added with an additional premium.

   Reporting & Billing:      Quarterly, semi-annual or annual

                           Limits:       Outstanding loan balance not to exceed the limit chosen of $100,000, $300,000 or $500,000.  Occurrence aggregate of $2,500,000 applies annually.

          Loss Settlement:       Covered losses will be settled on a replacement cost basis not to exceed the outstanding loan balance, the policy limit, or the Actual Cash Value of the damage estimate.  No coverage for contents, personal property or liability.

       Claim Conditions:       1.   A covered loss has occurred to real property, and;

2.      No primary insurance exists on the property, and;

3.     The borrower has defaulted on their loan payments (Single Interest only), and;

4.     Foreclosure proceedings have commenced (Single Interest only).

               Dual Interest:      Claim conditions 3 & 4 can be removed from the policy thus providing dual interest protection.

    Primary Insurance:        The lender must require borrowers to maintain insurance on secured real property with a loss payable clause in favor of the lender.  The agreement to provide insurance must be in writing and signed by the borrower.

Ongoing follow-up of insurance on secured real property is not required.

Blanket Mortgage Protection can be bundled with Mortgage Impairment Errors and Omissions coverage for a comprehensive insurance solution.