Vendors Single Interest Insurance

Vendors Single Interest Insurance will protect your financial institution from uninsured losses on your installment loan portfolio. It will also relieve you of utilizing an expensive tracking system or employing administrative assistants to follow up on insurance on your customer’s loans. Because of the blanket nature of the policy, you are able to eliminate the administrative hassles and time- consuming activities that are common with tracking insurance policies on your installment loans. By installing our Vendors Single Interest Policy, there will no longer be a need for the constant phone calls, letters and faxes being sent between your borrowers, insurance companies, local insurance agents, and your administrative staff.

There are several coverages included in our Vendors Single Interest plan and the following is an explanation of each coverage. These coverages will apply to all new and existing loans.

1. All Risk Physical Damage Coverage – This is the basic coverage which provides blanket insurance on covered collateral. This coverage will cover losses on repossessed collateral with uninsured damage.

2. Non-Filing Coverage – Covers losses caused by improperly filed liens or unfilled liens on covered collateral.

3. Skip and Confiscation Coverage - Covers losses caused by borrower leaving with your collateral and not continuing to make payments. We first do a skip trace on the borrower and collateral. If the borrower or collateral is not located it will be considered a skip loss and the loss will be eligible for coverage. Confiscation coverage will cover losses caused by the confiscation of your collateral by public officer or office.

4. Repossessed Physical Damage Coverage - Covers physical damage losses sustained within sixty days after repossession of your collateral.

5. ACV Waiver Coverage – ACV coverage will make up the difference between the actual cash value of a vehicle and your principle loan balance in the event of a total loss. This coverage can add significantly to the amount that your institution receives when filing claims. With this coverage you would be assured of never receiving an actual cash value settlement.