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VENDORS SINGLE INTEREST
(VSI)

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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 lenderís 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 institutionís 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 itís new loan volume.

 

Lenders Financial Insurance Services
(248) 689-2001
(855) 313-1468 (fax)