Collateral Protection Insurance

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. Southern Pioneer administers and underwrites the CPI program. A few of the benefits are:

  • No cost to the lender
  • Reduced loan losses
  • Automatic coverage on loans at origination and in the event the borrower’s coverage lapse
  • Elimination of insurance exceptions from regulatory agencies
  • All borrowers are eligible for coverage regardless of age, driving record or loss history
  • Borrowers pay a small deductible of $250, in case of loss
  • Lender pays no deductible on repossession losses
  • Pro-rata cancellation of premium

The program can be customized to monitor insurance status on the types of collateral that you choose. Coverage amounts up to $100,000 per covered collateral. Typical collateral types would be:

  • Automobiles
  • Pickup Trucks & Vans
  • Campers
  • Motor Homes
  • Motorcycles
  • Mobile Homes
  • Long Haul Commercial Trucks & Trailers
  • Heavy Equipment
  • Farm Equipment
  • Boats Motors & Trailers
  • Contractors Equipment

Optional coverage is also available that specifically protects the lender against loss. These coverages benefit the lender and are at the lender’s expense. Optional lender’s coverage that is available are:

  • Premium Deficiency
  • Instrument Non-Filing (Unintentional)
  • Mechanic’s Lien
  • Repossessed Collateral Coverage
  • Confiscation, Conversion and Secretion (Skip)
  • Collateral Test Drive
  • Repossession Expense
  • Repossession Storage