Features
Full Outsourcing of insurance monitoring to an outside computerized tracking facility.
- Computer facility handles all insurance mail, matching insurance policies
with the loan records.
- System identifies borrowers whose insurance has lapsed or been cancelled.
- Notices are sent to uninsured borrowers encouraging them to purchase insurance.
- Only after a borrower fails to act to protect your loan collateral, is a policy placed
and charged to that borrower’s loan balance.
Automatic Coverage of all loan collateral against uninsured physical damage or loss.
Dual Interest Coverage allows the borrower to repair a damaged vehicle, thus avoiding possible repossession
Coverage of Autos, Vans, Trucks, RVs, Watercraft and Mobile Homes
Deductible amount matching the borrower’s requirement under the loan agreement
Letter Cycle and Premium Charge customized to meet the lender’s needs
Optional blanket coverage for Skip and Security Interest Non-Filing losses
Every available effort made to avoid unnecessary placement of insurance
Active monitoring of the amount of premium added to a loan balance minimizes write-offs of uncollectible premium amounts
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Benefits
Outsourced administration of insurance follow-up without additional cost.
Low ‘customer noise’ with ‘peace-of-mind’ knowing the collateral risk is fully covered.
Complete compliance with loan agreement terms to avoid legal exposure.
Costs are borne only by those borrowers who have failed to provide insurance
Speedy claim settlements using state-of-the-art technologies.
Pro-active risk management keeps more vehicles insured and dual-interest coverage lowers repossessions by repair of partially-damaged vehicles.
Designed to protect lender’s bottom line yet with full compliance in mind
Downloads for this product
Product Summary Brochure
Proposal Request Form
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