A lender, whether a credit union or a bank, should obtain verification that an insurance vendor has adequate and documented disaster recovery plans.
An insurance provider's stability is vital because they have a financial obligation to their insured. Read more about what factors lenders should...
In this series on Insurance Vendor Management for Lenders, we discuss what factors to consider regarding claims and administration of the policy.
All insurance policies are not created equal! Financial Institutions must ask specific questions to be sure they understand the policy and limits.
Specialization of products by your insurer and your agent is essential in insurance vendor management.
The critical areas lenders should evaluate when selecting an insurance vendor are below and are listed in order of importance.