GAP losses have significantly increased over the last several years. This is due to a wide array of reasons, including: The increasing price of cars and larger loan amounts Extended loan terms and higher loan-to-value (LTV) ratios Negative equity trends The cost to replace electronic components and airbags Increased miles driven Texting and driving Decreased value in used cars As the frequency and size of...

With natural disasters across the globe increasing in frequency and intensity, it's more important than ever for lenders to have a comprehensive process in place to protect themselves against uninsured losses. In 2017 alone, insurers paid out more than $78 billion in disaster-related claims. And while this figure dropped to $52 billion in 2018,...

In today's self-service society, many drivers may forego the insurance agent and simply buy auto insurance online. Unfortunately for lenders, this trend toward DIY insurance arrangements can mean that borrowers are more likely to become uninsured at some point during the repayment process, putting themselves and the lienholder at...

Lenders Single Interest Insurance, commonly known as Blanket VSI or LSI, protects a lender’s interest in the collateral securing a loan when the borrower’s required insurance on the collateral lapses or is canceled. Coverage is provided on a blanket basis to loans originated on and after the...

Vendors Single Interest or VSI Lenders Single Interest or LSI Blanket Lenders Single Interest or BLSI These are all names for the same simple insurance, that protects an auto lending institution against Uninsured Damage or Theft to the vehicle collateral. Plus protection against Skip by the borrower. We...

Risk Management services hotline now available for Lee & Mason insurance agent/broker professional liability insureds Hotline can help resolve issues before they become claims NEW YORK – In this volatile litigation environment, it seems that any type of error or omission by an insurance agent or broker...