Mortgage Division

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    Overview of Financial Institution's
    REO/Asset Insurance Protection Program
This insurance program is designed to cover Real Estate Owned Property, both Commercial and Residential, and Forced Placed Properties (including Trust Department "No Shows"). Coverage under this program protects the interest of the Financial Institution along with the borrower on Forced Place Coverage.
What are the Special Features of this Protection?
What are the Optional Coverages?
       
 
    Special Features
  • Competitive Property and Liability rates. Optional deductibles available.
  • Quotes 24 hours after receipt of submission. Policies issued within one week after quote accepted. In-house binding authority
  • Minimum and Earned Deposit Premium is equal to the first month’s (30 days) premium.
  • Inadvertent Errors & Omissions in Reporting provided with monthly reporting
  • Vacant and Occupied Properties are covered.
  • Monthly billing and payment of premium. Minimum premium can be billed monthly or paid annually. (Monthly Reporting of all property changes required.)
  • "All Risk" Coverage on all properties including Theft, V&MM, Flood and Earthquake (Earthquake not available in California) with certain policy exclusions and limitations. No windstorm or quake aggregate.
  • Policy limit of $2,000,000.00 per location, no policy aggregate. No aggregate for windstorm coverage. Flood and Quake aggregate 2,000,000.00, applies separately to each.
  • Replacement Cost Value Form or Actual Cash Value Form.
  • Automatic coverage for newly acquired properties.
  • Automated reporting system available.
  • Contents coverage available.
  • Service oriented staff. Professional, courteous and knowledgeable.
  • CARRIER: Underwritten by Certain Underwriters at Lloyd’s, London 100%

LLOYD’S A.M. BEST RATING: A (EXCELLENT)

LLOYD’S S&P RATING: A+ (GOOD)

Other optional coverages that are available and extend broader limits are as follows:

INCREASED POLICY LIMIT

  • $5,000,000.00 Aggregate Limit Per Location

HIGHER LIMITS AVAILABLE UPON REQUEST

LIABILITY COVERAGES

$1,000,000. Occurrence / $2,000,000. Aggregate

Rating is based on value of property
Also available a flat charge per residential property and
Per square feet for commercial property

  • Owners, Landlords & Tenants

Rating based on per $100. Value.

  • Comprehensive General Liability

Rating based on per $100. Value.

ADDITIONAL POLICY FORMS AVAILABLE

  • Blanket 2nd Mortgage

  • Blanket Vandalism

  • Blanket Condominium Coverage

  • Builders Risk

  • Boiler and Machinery

  • Extra Expense / Loss of Rents

  • Freeze Coverage

  • Contents Coverage

  • Rents Coverage

  • Business Interruption Coverage
 

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