Coverage That Prevents Loan Losses

Insurance Coverage

All Risk Physical Damage
Direct, sudden, and accidental loss to the insured property caused by an external source except as excluded by the Master Policy.

Mechanics Lien Expense*
Coverage includes reimbursement up to $500 for the additional expense incurred in taking possession of the insured property as a result of a Mechanics Lien. A certificate of insurance must be in effect at the time of the loss.

Repossession and Return Expense*
Reimbursement up to $500 for the additional expense incurred with the repossession of the insured property. A certificate of insurance must be in effect at the time of the loss and someone other than the lender's employees must perform repossession.

Repossessed Property*
Any insured property has coverage for 60 days after repossession.

Repossession Storage Expense*
Reimbursement up to a maximum of $15.00 per day for a total of 40 days for the additional expense incurred with the storage expense against repossessed property. A certificate of insurance must be in effect at the time of the loss.

Special Settlement Option
The customer has insurance coverage; it is not necessary to repossess the insured property or for the account to be past due for coverage to be afforded.

Errors and Omissions
In the event the insurance on any eligible property is not procured because of an inadvertent error or oversight, coverage shall be provided according to the terms and conditions of the Master Policy.

Worldwide Coverage
Limited coverage is extended to insured property within the territory of any country in the world, which has established international agreement with the United States covering the recovery of any property from their country.

Optional Coverage:

* The limits on mechanics lien expense, repossessed and return expense, repossessed property, and repossession storage expense can be increased in consideration for additional premium.