Lender Placed Hazard Insurance
If a borrower does not meet hazard insurance standards, you can implement lender placed insurance with the help of J.T. Miller Company.
J.T. Miller Company writes lender placed insurance for financial institutions and their borrowers. Lender placed hazard insurance protects the interest of the financial institution and the borrower in the event of a direct physical loss or damage to real properties in which the financial institution holds an interest. For many reasons, uninsured/under-insured homes and mortgages are simply an unacceptable risk. Uninsured losses can devastate your financial institution’s bottom line. J.T. Miller Company can help your organization alleviate that risk with lender placed insurance.
Lender placed hazard insurance is a fundamental risk management tool for any lender with exposure to uninsured or under-insured real estate losses. If a mortgagor’s insurance lapses, a lender placed insurance policy is often the only way to guarantee continued protection.
Residential coverage is written on a Broad Form application, while commercial properties are covered for named perils and extended coverage, including vandalism and malicious mischief, except for glass breakage due to vandalism and malicious mischief. Properties included either are vacant, occupied, in foreclosure, or classified as REO’s (Real Estate Owned).
Lender Placed Insurance Program Highlights
- Immediate coverage of vacant, REO’s and uninsured properties
- 60-day binder option available except for REO properties
- Fast and reliable claims service
- Modest deductibles
- Efficient, single-step reporting
- Simplified accounting and refunds
- REO Liability Coverage
J.T. Miller Company is here for your protection. Learn more about how we can protect your financial institution with our lender placed insurance program by contacting us to set up a consultation.
*For applications and/or order forms, please call our office at 888-366-7082 or fill out the form on this page.