Mortgage Impairment and Errors & Omissions

J.T. Miller Company
800-328-4545

Designed to minimize the lender’s exposure in the scenario that a borrower fails to acquire or maintain adequate physical damage insurance for real estate properties. In the event that there’s a loss, you’re covered.

There are two types of Mortgage Impairment and Errors and Omissions (E&O) options. No insurance monitoring is necessary under Option 1. Under Option 2, tracking insurance cancellations/lapse notices are necessary. The only requirement is that the lender provides a copy of the borrowers’ insurance in the file at closing.

Under both options, only the interests of the lender are protected. No protection is provided for the borrower.

Lender Placed Hazard Insurance

  • Instantly purchase $2,000,000 of coverage for any Real Estate property.
  • Extremely competitive rates with low deductibles.
  • A.M. best rating A+ (Excellent).

Blanket Coverage Highlights

Full Blanket
This plan provides blanket insurance coverage for all Real Estate Loans including: Residential, Commercial, Seconds, and Home Equity Loans.

  • $1,000,000 of coverage against impairment(amount not able to recover on property).
  • No tracking of insurance renewals or cancellations.
  • Lender placed hazard insurance is only needed on foreclosed properties when the title passes into the lender’s name at sheriff sale.

Standard Blanket
This plan provides blanket insurance coverage for all Real Estate Loans including: Residential, Commercial, Seconds and Home Equity Loans.

  • $1,000,000 of coverage against impairment (amount not able to recover on property).
  • Tracking of cancellations/lapse notices is required. Blanket insurance provides 90 days of coverage from the date the lender receives the cancellation/lapse notes. Borrower must reinstate insurance or lender must place hazard insurance within 90 days.
  • Lender placed hazard insurance from J.T. Miller Company is effective the same day it’s requested.

See what our satisfied clients say about us

"Thanks again for doing such a great job for us, and answering ALL of our questions! We love working with you and the entire staff at J.T. Miller."

Kathy Junker

VP of Real Estate Mortgage, First State Bank & Trust - Bayport

"We really appreciate Wade & Kurt from J.T. Miller as they have taken time to explain in detail our insurance options and coverage. Because of Wade and Kurt, we believe that we have purchased the best Bond and D&O Coverage possible. Kudos to J.T. Miller!"

Dean M.

President & CEO, VisionBank

Contact Us

Working with mortgages, real estate properties or home equity loans and want to know more coverage options? Contact us to learn more, or fill the below application to get started.

CONTACT

J.T. Miller Company
52 Hamel Road
Hamel, MN 55340-9625

Map / Directions

(800)-328-4545
Fax: 763-512-2818

Hours: 8am - 4:45pm Mon.-Fri.

 

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