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...
Forced placed insurance has come under the scrutiny of regulators as it relates to mortgage lending. Auto lending is the next logical extension of this scrutiny. Providing “free” tracking services to financial institutions and including these costs in the insurance premium is clearly not desired...
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...
Forced placed auto insurance (CPI) has come under the scrutiny of various regulators as it relates to auto lending. The situation with Wells Fargo is a great example of recent regulatory issues with CPI Programs. Due to these recent changes, many Lenders are considering a...
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...
Mortgage Impairment Protection/Errors and Omissions NEW YORK--(BUSINESS WIRE)--Lee & Mason Financial Services, Inc., provider of one of the most comprehensive programs for Insurance Agents Errors and Omissions in the marketplace, recently increased their E & O limits from $5 million to $10 million. “The additional limits demonstrate...
Lender-placed Market We want to alert you to the announcement on Monday the 22nd from American Modern Home. The full press release can be found here but in short they have elected to exit the lender-placed market over the next 15 to 24 months. While Lee...