Broad coverage of collateral loss for your entire consumer loan portfolio, with no need to track insurance.
Uninsured Physical Damage Coverage: Protects the lender from uninsured damage or theft of the loan collateral, occurring before or after repossession.
Skip & Confiscation: Covers the lender against loss of collateral when borrower and vehicle cannot be located or when the vehicle has been seized by a public authority.
Security Interest Non-filing: Protects the lender from a lien filing error or omission preventing repossession and sale of the collateral.
Covers all types of consumer loan / lease collateral: Autos, Vans, Light Trucks, Motorcycle, RV, Watercraft, Mobile Home, Other Property; also Commercial Vehicle/Equipment coverage available.
High Limit of Loss: $50,000; $100,000 or higher as needed.
Zero Deductible; with deductible options to reduce premium rate.
Assumption of Coverage: entire loan portfolio covered with no upfront premium
Broad Form Skip (Collateral Locate); Repossession Expense Reimbursement; Mechanic’s Lien Coverage; Towing & Storage Expense; ACV Plus (Settlement above guidebook value), etc.
Speeds up the loan approval process and funding
Broad Coverage of Loan Collateral Losses
No Insurance Tracking Required
Easy to Use / No Administrative Burden; only a Simple Monthly Report
Avoid Borrower Complaints and Uncollectible Force-Placed Premiums
Small Premium May Be Disclosed and Passed On to Borrower in Most States
Blanket Lender Single Interest (BLSI) insurance, also referred to as Vendor Single Interest (VSI) is the easiest way to protect yourself against your entire collateralized loan portfolio. Gone are the days of having to track individual borrower insurance or contacting borrowers when their insurance lapses. With Blanket Lender Single Interest, you are covered if any vehicle in your portfolio is repossessed or damaged without other insurance coverage. And since all existing loans and new loans are automatically covered, you can have peace of mind that no matter what happens, you will be covered.
Coverage under your Blanket Lenders Single Interest policy can be customized to fit the needs of your portfolio, with options including: