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Blanket Single Interest Insurance (VSI)

Description: Comprehensive lender protection on collateral securing consumer loans.
Coverages: I All Risk Physical Damage Before Repossession (including theft)
II Repossessed Collateral Coverage (Damage After Repossession)
III Instrument Non-Filing/Errors & Omissions Coverage
IV Skip and Confiscation Coverage
Claims: Payment for a covered loss is made when the lender’s interest is impaired by reason of the borrower defaulting in their loan obligation.
Primary
Insurance:		 The lender must require borrowers to maintain insurance on secured titled collateral and personal property with 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 collateral is not required.
  Limit of
Liability:		 Coverage for loans with an original balance up to $50,000. Higher limits can be purchased on certain collateral.
Eligible
Collateral:		 Automobiles, trucks, motorcycles, trailers, ATVs, watercraft, recreational vehicles, farm equipment and personal property.
Premiums: Usually paid on a per loan basis.  Premiums can be
passed to the borrower without impacting the APR by following Reg. Z guidelines.
Endorsements: Assumption of Coverage – Provides coverage on existing loan portfolio.
Modified ACV – total loss claim settlements based upon loan balance.
Repossession Expenses- Coverage for towing, storage, and mechanic’s lien.