Resource Insurance Services Collateral Protection Insurance offers Financial Institutions the ability to track uninsured vehicles and force-place physical damage insurance for collateral loans – primarily for automobiles and other rolling collateral – that become uninsured.
KEY COVERAGE BENEFITS
- Assures that collateral is always protected
- Dual-interest coverage force-places comprehensive and collision coverage on a borrower if insurance is not obtained or lapses
- Collects premium only when policy is force-placed on borrower
- Lender Coverage Enhancements
- Resource Insurance Services customizes each program to meet specific loan portfolio needs with the following repossession coverage enhancements:
- Instrument Non-Filing Coverage
- Repossessed Property
- Mechanics Lien Reimbursement Coverage
- Repossession and Return Expense Reimbursement Without Loss
- Repossession Storage and Towing Expense
- Premium Deficiency
- Mechanical Breakdown
- Insufficient Insurance Coverage
- Conversion or Secretion (Skip)
- Automatic Coverage (available with outsourced tracking ONLY)
- Complete flexibility allows you the option to issue a collateral protection policy for an annual premium instead of a term premium.
- You have the ability to determine the timing of the letter cycles and the opportunity to personalize the letters to fit the tone and personality of your Financial Institution.
- The letters can be edited to fit your Financial Institutions philosophy and your logo is easily inserted on all notices.