Lender-Placed Insurance Overview

Lender-Placed Insurance, also known as Force-Placed Insurance, is a vital program for any sized financial institution to alleviate risk and protect their loan portfolio from uninsured losses. Financial institutions can utilize our Lender-Placed Insurance program to place instant coverage on properties they have an interest in, if a mortgagors’ insurance policy has lapsed, cancelled or the financial institution deems the homeowners’ insurance to be insufficient. .

First Service Corporation offers a Lender-Placed Insurance program to help financial institutions reduce risk from uninsured losses, ultimately protecting their bottom line. Our knowledge and experience has made us a leader in the industry for over 50 years. We work with top national insurance companies to provide competitive rates and quality coverage to ensure your financial institution is protected.

 

Lender-Placed Insurance | Program Features

  • Customized to client needs whether big or small, including coverage, maximum limits and deductibles
  • Premium earned on daily, pro rata basis
  • Itemized billing for all coverages and transactions
  • Monthly, or annual billing options by property
  • Reporting of properties by customer’s choice: fax, email, website or electronic data transfer
  • Simple website administration via online solution (details below)
  • Immediate coverage with no waiting period
  • Fast, efficient and expert claims processing
  • Decreased losses in your mortgage portfolio
  • Access to website solution so that your institution can easily and instantly place and manage insurance coverage
 

Lender-Placed Insurance | Online System Features

  • Add, cancel or change coverage
  • Calculate pro rata premiums 
  • View and print loss status and history of individual properties 
  • View and print property premium billing history 
  • Print property file sheets showing coverage and transaction history 
  • Print an in-force property report for all properties insured on a given date 
  • Print monthly bills from website 
  • Print debit and credit premium escrow tickets from monthly billings by coverage 
  • Print three most recent monthly invoices, which the website archives 
  • Manage reports by adding departments to separate divisions or asset managers
 

Lender-Placed Insurance Basics

 

Lender-Placed Flood Insurance

 

Lender-Placed REO Insurance

Get a quote from First Service Corporation, and start protecting your loan portfolio today!