Due to the current economic environment, with financial institutions failing at a breakneck pace, more and more banks are merging with and acquiring each other. Under this scenario, it is nearly impossible for any two organization’s systems, processes, and procedures to make a smooth transition into one system. Lurking in these areas of ambiguity and over/underlap are Errors and Omissions, and the potential for uncovered claims. We have found that the complexities of loan origination, servicing agreements, and the way Forced Placed Insurance and Mortgage Protection Insurance is handled may fail to provide coverage for the work you do daily.
CoVerica’s Financial Services Division has been insuring and managing risk for the banking industry for over 26 years. From a single location to larger organizations with tens of thousands of borrowers, our expertise and industry involvement have helped develop one of the most comprehensive insurance programs available anywhere in the marketplace.
Backed by several A+ rated partner carriers, the ease and convenience of an on-line system and an unsurpassed service team, our exclusive Forced Placed/Mortgage Protection Insurance Program protects your assets.
The real battle with financial institutions is to first identify, then plug any gaps in insurance coverage.
Let’s be honest – insurance companies are looking for any reason not to pay a claim. CoVerica’s Financial Services Division believes that contractual review should always be a routine part of your insurance program. More often than not, financial institutions are signing contracts and entering into agreements that create compliance issues, and may make your loans, technically, unsecured. How did the loan come to your institution? Do you even have contractual language permitting you to force place insurance coverage? Utilizing risk management practices and appropriate insurance products allows you to make informed decisions and enter into servicing contracts with 100% confidence.