As a lender, protecting your collateral from physical damage while maintaining compliance is imperative. FIC has over thirty years’ experience in helping lenders achieve this in the simplest manner possible.
FIC provides an easy, flexible means to manage the coverage for your collateral portfolios minimizing risk and protecting your interest. Reporting coverage is simple using FIC’s proprietary online system, Protector, which allows all types of coverage to be managed using the same platform.
FIC issues a single master policy for the institution, allowing the institution to add coverage for properties in which they have an interest. Once the master policy is issued, individual properties are not underwritten unless they are outside the policy limits.
FIC acts as General Agent for multiple A.M. Best A Rated insurance carriers. This helps your institution or agency as you’re dealing with the insurance carrier’s representative, eliminating delays and bureaucracy.
- Your policy insures you as the lender and provides a ‘dual-interest’ function for your borrower.
- Broad coverages and high limits are available.
- Quick and streamlined claims are handled through our office.
- Flexible terms allow variable rates, deductibles and customized coverage.
- Pro-rata refunds are processed quickly and directly to you.
Lender-Placed Hazard Insurance
Hazard coverage provides physical damage from perils such as fire, wind, collision, theft and vandalism.
- Residential, mobile home, condominium and commercial properties can be covered.
- High coverage limits are available for high-value properties.
- Replacement Cost and Actual Cash Value coverage options are available.
- We offer a wide range of deductibles available to fit your portfolio, risk tolerance and budget, including high self-insured retentions.
- Coverages can include physical damage, earthquake, loss of rents, ordinance and law, REO liability and other coverage.
- CFPB-compliant letters are available on Protector for notification to your borrowers.
Lender-Placed Flood Insurance
Flood coverage is a single-peril coverage that meets your obligation to ensure that properties within Special Flood Hazard Areas have the proper coverage.
- Coverage is much simpler to administer than NFIP. It is issued immediately with your master policy provided by FIC and canceled at your discretion—not just based on reasons acceptable to the NFIP.
- Elevation Certificate not required.
- NFIP’s 80% coinsurance does not apply.
- No waiting period. Eliminates the 15-day exposure created with the NFIP program.
- Policy language is tailored to meet regulator requirements that borrowers are named as insured.
- Includes Additional Living Expense coverage, which is not provided by the NFIP.
- Available in Non-Participating Communities.
- Excess flood is also available for limits greater than the standard $250,000 residential and $500,000 commercial.
- FEMA-compliant letters are available on Protector for notification to your borrowers.
Collateral Protection Insurance
Collateral Protection includes all-risk physical damage coverage for most movables including automobiles, trucks, boats, motors and trailers, travel trailers, farm equipment, aircraft and commercial vehicles.
- Optional Lender Coverages
- Repossessed collateral coverage
- Instrument non-filing errors and omissions
- Confiscation, conversion and secretion
- Repossession expense reimbursement
- Mechanics lien
- Repossession storage expense
- Deficit unpaid balance protection
- NAIC-compliant letters are available on Protector for notification to your borrowers.
Lender-Placed Letter Service
FIC’s Letter Service eliminates the biggest headache in lender-placed insurance compliance—sending letters to your borrowers. Simply add your borrowers’ coverage deficiency to Protector, and rely on FIC to send compliant letters to your borrowers. And you stay in control of your lender-placed insurance program.