Representations & Warranties

R&W insurance provides protection against financial losses that occur due to inaccuracies or breaches in the representations or warranties made in contracts, typically in automated or data-driven underwriting processes.

Companies providing automated services or data-driven solutions for loan underwriting, such as fintech firms, mortgage lenders, or service providers, benefit from R&W coverage. It helps mitigate the risk of inaccuracies or errors in their contract deliverables.

R&W policies cover risks related to data inaccuracies, contractual misrepresentations, deficiencies in deliverables, and third-party claims due to errors or omissions in underwriting processes.

R&W insurance instills confidence in clients by ensuring that your company is protected against potential losses or disputes arising from contractual errors, improving your credibility and trustworthiness in the marketplace.

Yes, R&W policies may include coverage for fraud or intentional misrepresentation, especially if these issues are discovered after loan origination. However, specific terms can vary depending on the policy.

R&W policies typically cover loan underwriting transactions, especially those involving automated or data-driven processes. This can include loan originations, refinances, and other financial transactions that rely on accurate representations.

R&W policies can be tailored for short-term or long-term coverage, depending on the specific needs of the business or transaction. Coverage may extend for the duration of the underwriting process or beyond, depending on the contract.

In addition to covering actual financial losses, R&W insurance often includes coverage for legal defense costs if a claim is filed due to inaccuracies or misrepresentations in underwriting data or services.

R&W insurance supports compliance by ensuring that contractual obligations and regulatory requirements are met, providing an additional layer of protection against potential breaches.

Yes, R&W coverage is highly customizable and can be tailored to fit the unique risks of a company’s services, the scope of its underwriting processes, and the needs of its clients.