Program Details

Types of risks: Property / Casualty / Flood

Appetite:

• Banks, Credit Unions, and Mortgage Lenders who have a contractual loan interest in commercial or residential properties.

Geography: Nationwide

Coverage Highlights:

Coverages offered: Lender Placed Mortgage Hazard, Flood, and Liability.

Coverage limits:

• Primary Real Estate Owned Liability: $1,000,000 each occurrence / $2,000,000 annual aggregate
• Lender Placed Hazard Limits: $2,000,000 Residential $5,000,000 Commercial
• Lender Placed Flood: $250,000 Residential $500,000 Commercial
• Lender Placed Earthquake (CA only): $2,000,000 Residential (only)

Coverage Highlights

Coverages offered: Lender Placed Mortgage Hazard, Flood, and Liability.

Coverage limits:

• Primary Real Estate Owned Liability: $1,000,000 each occurrence / $2,000,000 annual aggregate
• Lender Placed Hazard Limits: $2,000,000 Residential $5,000,000 Commercial
• Lender Placed Flood: $250,000 Residential $500,000 Commercial
• Lender Placed Earthquake (CA only): $2,000,000 Residential (only)

Admitted/Non-Admitted

Non-Admitted

Submission Requirements

• Application available from the Program Administrator upon request for contact
• 3 years of premium and loss information (if in prior program)
• Experience modification data
• Geographical spread of risk

Additional Program highlights

• Commonly known as "Lender Placed Insurance" or "Force Placed Insurance"
• Provides coverage for both performing and non-performing loans where the borrower's insurance has lapsed, as well as bank owned property
• Insurance is placed by the lender when their borrower fails to maintain adequate insurance as required by their loan contract
• Web Based delivery system for borrower insurance tracking and monthly premium billing