FORCE PLACED
COVERAGE
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A blanket policy
used by mortgage servicing departments and loan
operation departments. Force Placed insurance
provides instant and automatic coverage for the
financial institution’s interest, whenever a
mortgagor (including commercial customers) fails to
keep insurance on the mortgaged property.
Lender’s Force Placed Program Highlights:
- property and liability coverage available
- all residential and practically all
commercial properties
- high "per property" blanket limits, and even
higher "individual policy" limits
- Replacement cost coverage
- Automatic – no waiting to confirm coverage
- Custom reporting procedures, from manual
"fax" method to full system integration
- REO properties included – without
reduction of coverage
- "A" Rated carriers
- Outstanding Customer Service assistance
- Force Placed "Flood" now available
- Contents Coverage available
REO Coverage Highlights:
- REO properties are insured same as force
place properties. No reduction in coverage when
property becomes an REO.
- Instant and Automatic coverage
- Replacement Cost Coverage
Commercial Property Highlights:
- Reported under the regular force placed
program.
- "Commercial" Contents coverage available
- property and liability coverage available
Vacant Land:
- Liability coverage available
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