Collateral Protection Insurance
Collateral protection insurance program protects lenders against uninsured collateral losses. Coverage is similar to our vendor single interest program but this program also provides the borrower some loss recovery benefits without the necessity of repossession.
Typically all loans in a given portfolio are tracked for primary insurance. If borrowers fail to respond after a series of lender notices are sent an individual coverage certificate is issued with the premium added to the underlying loan balance.
Key CPI Features
- Separate Borrower and Lender Master policies
- Annual Certificates Issued
- Wide range of collateral types eligible
- High Limits available to protect varied lending targets
Optional Lender Coverages
- Repossessed collateral coverage
- Instrument non-filing errors and omissions
- Confiscation conversion and secretion
- Repossessed expense reimbursement
- Mechanics Lien
- Repossession Storage expense
- Deficit unpaid balance protection
For more information regarding collateral protection insurance, please give us a call or fill out the form on this page.