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
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 are 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.
*For items in which physical repossession is impractical, legal repossession is acceptable providing the collateral has been secured from continued use.