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Vendor Single
Interest Insurance will protect the financial
institution from uninsured losses and also
the responsibility of maintaining a tracking system
for the insurance. Phone calls and letters
between you and your borrowers and local insurance
agents are eliminated.
This plan will cover
private passenger autos, vans, pickup trucks,
recreational vehicles, personal property,
motorcycles, snowmobiles, mobile homes and
watercraft. There is no limit of liability on
autos, vans, and pickups, and a $25,000 limit on all
other collateral. There is no deductible on claims.
Coverage is provided
immediately, and includes:
All Risk Physical
Damage Coverage
- Covers physical damage losses (comp. & collision)
to an un-insured repossessed collateral.
Non-Filing Coverage
- Covers losses caused by improperly filed titles or
non-filed titles.
Skip & Confiscation
Coverage -
Covers losses due to "skips" and losses due to the
confiscation of collateral by a public officer or
office.
Repossessed Physical
Damage Coverage
- Covers losses sustained after repossession of the
lender’s collateral.
GAP Coverage/ACV
Waiver - This
eliminates the Actual Cash Value settlement option
(up to a $5,000 limit) when claims are filed.
PRICING
Cost will be
determined by a financial institution’s specific
factors regarding portfolio size, type of lending,
and past loss history. Premiums are paid monthly,
and are calculated by the financial institution
based on it’s new loan volume.
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