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Flood Insurance

Lender-Placed Flood Insurance

Bridge60 is a lender-placed flood program that protects residential, commercial, REO, and mobile home properties located in flood zones. Insurance limits mirror the National Flood Insurance Program with immediate coverage during the borrower notification period.

  • Master policy names lender and borrower as the insured
  • Instant binding authority
  • Premiums charged and evidence of insurance issued after 47-day retro period
  • Refunds issued on a pro-rata basis
  • Reporting form policy with online reporting tool
  • Residential owner-occupied claims settled at Replacement Cost Value even if the property is not reported
  • Dedicated customer service and support

Key Features

  • Master policy names lender and borrower as the insured
  • Instant binding authority
  • Premiums charged and evidence of insurance issued after 47-day retro period
  • Refunds issued on a pro-rata basis
  • Reporting form policy with online reporting tool
  • Residential owner-occupied claims settled at Replacement Cost Value even if the property is not reported
  • Dedicated customer service and support

Applies To

  • Financial institutions: mortgage servicers, community banks, credit unions, etc.
  • Hard money lenders
  • Trusts
  • Property Investors

Coverage

  • Peril of flood for residential and commercial properties
  • Lender chooses the insured value
  • Coverage limits mirror NFIP program and complies with government regulations
    • $250,000 1-4 family dwelling
    • $500,000 other residential building
    • $500,000 non-residential building
  • Immediate coverage on reported property; delayed billing for 47 days

Requirements

  • Completed Bridge60 application
  • Count of loans by state including property addresses, insured value, and flood zones
  • Property listing spreadsheet

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Learn More

Talk to our Lender-Placed Flood experts for more information about lender-placed insurance products.

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Claims Settled at Replacement Cost Value

With Bridge60, residential owner-occupied claims are settled on a replacement cost basis. This results in significantly higher settlement when claims are adjusted on replacement cost basis. Claims are settled at RCV even if the property is not repaired. The decision to repair the property is the lender’s choice. Claims are settled on average within 45 days of loss.

Reporting

Flexible reporting options are available, ranging from web-based self-reporting to automated lender placement and full outsourcing with servicing system integration.

Proctor uReport

uReport is our proprietary reporting tool for automated lender-placement, tracking policy expiration dates, edit billing functions, premium calculations, claim reporting, and lender-placed borrower notifications.

Borrower Notification Letters or Templates

CFPB-compliant borrower notification letters and cycle specific to lender’s business rules. Letters include warning, bind, annual renewal, and cancellation.

Customer Service

Dedicated Proctor representative to assist with refunds & billing options.

Outsourced Insurance Tracking

Includes insurance tracking driven by compliant business rules, thorough servicing system integration, transparent vendor management via proprietary tracking tool Intelligent Insurance Manager (IIM), policy procurement, mail servicers, escrow disbursement services, award-winning borrower care center.

Replacement Cost Valuation

ValueNOW is a real time property replacement cost valuation tool for residential and commercial properties using three national public property data sources.

Real Estate Tax Services

Comprehensive tax tracking, payments, tax certifications, and redemption processing.

Flood Determination Services

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