Guaranteed Asset (or Auto) Protection, commonly known as GAP Insurance, is actually a DCA product and can be offered by all National chartered and most State chartered financial institutions. GAP coverage can be offered to your borrowers as an Addendum to your Loan Agreements in which they are charged a certain price for this valuable protection.
GAP is, a “two-party contract between the lender (your financial institution) and its borrower (your borrower), outside the purview of insurance laws.” The GAP program is truly “your financial institutions product”, First Service Corporation works with partners to help administer the GAP program, and the financial institution is protected by a Contractual Liability Insurance Policies (CLIPs) provided by a Casualty Insurance Company.
Because GAP is “your” financial institutions product, First Service Corp and its partners have designed a GAP program that offers the broadest possible coverage for you and your borrowers. Your borrowers deserve the best GAP program possible and our GAP program will help you to have satisfied customers and reduce potential lender charge-offs.
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