Fully outsourced program that provides dual interest coverage for both borrower and lender, from losses due to flood. Our Track Collateral (TC) program helps the lender monitor their insurance exposures and provides a systematic means to remind your borrowers of their agreement to keep the collateral insured. Notices to borrowers comply with regulatory requirements. This program is administered by Southern Pioneer and underwritten by Lloyd’s of London. Some advantages of our Lender Placed Hazard Program are:
- Dual interest coverage
- Automatic coverage
- Coverage available for OREO/REO
- Coverage for vacant and unoccupied properties
- Limits up to $250,000 per location for residential properties
- Limits up to $500,000 per location for commercial properties
Not looking for a fully outsourced solution? Our partnership with Financial Insurance Consultants, gives us the ability to offer FIC Protector ™. FIC’s online, proprietary coverage management software allows you to quote, bind, retrieve, cancel, renew and list coverages for flood. FIC Protector gives the lender the ability to:
- Bind coverage immediately and complete your letter cycle with coverage.
- A 60 day binder is issued allowing you to send letters to your borrower requesting they provide coverage as agreed.
- Coverage is available in non-participating communities, allowing you to protect hard-to-insure properties