Lender-Placed Insurance | Force-Placed Insurance

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

First Service Corporation offers Lender-Placed Insurance programs for financial institutions to help 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 combined with quality coverage to ensure your institution is protected.

Purpose of Lender-Placed Mortgage Property Insurance

  • Protecting lenders’ collateral interest with hazard, flood and fire insurance
  • Real estate owned (REO) liability – foreclosures, mortgagee in possession, deed in lieu

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

To learn more about the basics of Lender-Placed Insurance, click the button below. 

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