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Lender Placed Hazard Insurance Protects Banks´ Interests
Uninsured properties pose an unacceptable risk to banks and other financial institutions. With the recent storms in Joplin, Missouri and other locations in the southern states, some lenders have learned the hard way that Mother Nature´s potential hazards also can damage their portfolios if a property is not properly insured.
Lender placed hazard insurance has developed into an essential tool to manage exposure of otherwise uninsured real estate as banks are required to maintain insurance on a property even if the borrower defaults on the mortgage. When the mortgage insurance lapses, a lender placed policy guarantees protection against common hazards such as fire, wind and flooding.
PFI´s Mortgage Guard master policy supplies the necessary coverage for residential, commercial, mobile home and REO properties with the lender named as insured to give instant binding authority. When combined with our Bridge60 flood insurance product and optional premises liability, financial institution clients have comprehensive protection for their portfolio.
Proctor Financial, Inc. understands the risks of borrower and bank-owned properties. Since the 1970´s, we´ve pioneered competitive lender placed insurance products combined with innovative tracking and reporting services to offer a fully-compliant insurance solution for financial institutions.
Don´t take risks with your portfolio. PFI will work with your financial institution to develop a customized, lender placed insurance program. You can learn more about these products and services by contacting us or by calling (800) 521-6800 ext. 1464.