Fully outsourced program that provides dual interest coverage for both borrower and lender, from losses due to damaged, uninsured collateral. Our Track Collateral (TC) program helps the lender monitor their insurance exposures and provides a systematic, friendly means to remind your borrowers of their agreement to keep the collateral insured. This program is administered by Southern Pioneer and underwritten by such companies as Great American Assurance, Lloyd’s of London, and Integon National Insurance. 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
- All risk coverage including vandalism and malicious mischief for residential property
- All risk coverage including vandalism and malicious mischief for commercial property
- Limits up to $1,000,000 per location for residential properties (higher limits available)
- Limits up to $2,000,000 per location for commercial properties (higher limits available)
Not looking for a fully outsourced solution? Our partnership with OSC Insurance Services a Breckenridge Company, gives us the ability to offer OSC IrisX. OSC's online, proprietary coverage management software allows you to quote, bind, retrieve, cancel, renew and list coverages for hazard. OSC IrisX gives the lender the ability to:
- Force-place coverage immediately
- Place coverage on residential and commercial properties
- Place coverage on annual or monthly basis
- Manage covered properties through list and renewal processes
- OSC IrisX allows you to manage letters to you borrowers while minimizing exposure