Blanket single-interest insurance for equipment protects from uninsured losses on loans/leases when equipment is held as collateral. The blanket nature of the policy eliminates the need to track and force-place insurance after loan closing.
- Prevents negative contact with borrowers regarding insurance lapses
- Eliminates the time and expense to track borrower insurance
- Reduces charge-offs
- Avoids uninsured losses due to unknown insurance lapse or cancellation
Blanket Equipment Standard Coverage:
Physical Damage & Theft Protection provides blanket all-risk coverage on eligible uninsured collateral during and after repossession* including collision, rollover, and fire. Blanket Equipment offers higher limits of liability, including coverage for tangible collateral, that a typical VSI program does not offer. All losses are covered unless excluded. Forcible entry theft evidenced by a police report is covered provided the claim is submitted within 60 days of the date of loss. The coverage also satisfies auditor and examiner requirements for collateral insurance.
Blanket Insurance is available for consumer and mortgage collateral. Click here for more information on the types of Blanket Insurance for Lenders.
*For items in which physical repossession is impractical, legal repossession is acceptable providing the collateral has been secured from continued use.