|
|
|
FAQ'S |
• What is lender-placed insurance?
Lender-placed insurance is insurance placed on a property (ie. real estate, auto,
boat, machinery, or equipment) by a lender to protect their insurable interest on
collateral securing a loan.
• Are we required to outsource our insurance tracking to Financial Insurance
Brokers in order to obtain lender-placed coverage?
No. We feel our tracking system is superior and more cost effective than in-house
tracking systems. However, we do provide lender-placed coverage without tracking.
• Does Financial Insurance Brokers require the lender to have a minimum number
of loans in order to provide insurance tracking?
No. We do not have a minimum or maximum number of loans that we can service.
• Does lender-placed coverage cover the borrowers’ personal or business property?
No. Personal belongings and business contents are not covered. Lender-placed coverage
only covers the collateral securing the loan.
• Can lender-placed insurance be cancelled?
Yes. In order to cancel lender-placed insurance the borrower is required to demonstrate
that appropriate coverage as required under the loan or lease agreement has been
obtained.
• Does Financial Insurance Brokers provide track only services for auto or real
estate loan portfolios?
Yes. We provide track only services to lenders who do not wish to place insurance
on their loans.
• Does Financial Insurance Brokers have a way to monitor wind insurance coverage
on a collateral?
Yes. Our system tracks wind coverage when included in the hazard policy as well
as when it is written on a separate wind policy. We monitor the deductible amount
and coverage amount.
• Can Financial Insurance Brokers provide lender-placed coverage for windstorm
only?
Yes. As part of our collateral protections program we provide a lender-placed wind
only policy.
|
|
|
Admin
Vertical Technologies, LLC. ™