This is the start of the main content

Blanket Insurance
for Other Properties

EquiShield®

Blanket Hazard Insurance for Home Equity, HELOCs, Consumer Mortgages

EquiShield provides comprehensive all-risk portfolio protection for residential second, third, or non-purchase first mortgages, second deeds of trust, closed or open-ended home equity loans, and consumer lending mortgages or refinances.

Key Features Applies to Coverage Requirements
  • Single blanket insurance policy means no individual properties need to be reported
  • Eliminates the need to verify insurance coverage on individual properties for securitization
  • One annual premium based on portfolio size, lending activity, geographic spread
  • Policy responds when mortgagor’s primary insurance does not pay for losses incurred
    • Losses are adjusted up to mortgage balance on a replacement cost basis if the property is repaired; otherwise, actual cash value
  • Bank covers the cost of policy; not passed over to borrower.

Key Features
  • Single blanket insurance policy means no individual properties need to be reported
  • Eliminates the need to verify insurance coverage on individual properties for securitization
  • One annual premium based on portfolio size, lending activity, geographic spread
  • Policy responds when mortgagor’s primary insurance does not pay for losses incurred
    • Losses are adjusted up to mortgage balance on a replacement cost basis if the property is repaired; otherwise, actual cash value
  • Bank covers the cost of policy; not passed over to borrower.

Applies to
  • Banks
  • Credit unions
  • Depository institutions only

Coverage
  • All-risk, broad coverage on residential properties
  • Properties covered: second mortgage loans, equity loans, and non-purchase loan if reported on application
  • Lender’s security interest covered
  • Per occurrence limits from $250,000 to $5,000,000
  • Liability not available

Requirements
  • Completed EquiShield application
    • Please be sure to complete loan paper type (FICO scores) on application
  • Location of Loans — if there are more than 6 states, please attach report broken out by state to include number of loans and values
  • Attach a report separately listing any loans in the following counties and Washington, D.C.:
    • San Francisco, CA
    • New York, NY
    • Chicago/Cook County, IL
    • Boston/Suffolk County, MA
    • Philadelphia/Philadelphia County, PA

Apply Now

Download PDF

Learn More

Talk to our blanket hazard insurance experts for more information about Proctor Loan Protector’s blanket insurance products.

Contact Us

Compatible Products

Mortgage Guard, Bridge60, Mortgage Impairment

Administrative Services

Online Claim Submission

Losses are paid by the least of:

  • Replacement cost (if repairing, but Actual Cash Value if not repairing)
  • The outstanding loan balance
  • The policy limit

News

See All News

Compliance News

See All Compliance

Can’t find what you’re looking for?