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The Proctor Perspective | Agency Relations

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Lender-Placed Hazard Insurance for Financial Institutions

Amanda Bowers Amanda Bowers , 1/9/2017
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Lender-Placed & REO
Hazard Insurance
Questions?
Contact:
Amanda Bowers
248.824.1464
abowers@pfic.com
Submission Requirements:
•   Completed application
•   3-year loss runs
•   Portfolio list
•   Current in-force list
For the past 45 years, Proctor Financial, Inc. (PFI) has established itself as a market leader providing servicing solutions and comprehensive lender-placed insurance products to satisfy the needs of financial institutions. By bundling insurance programs, PFI has been able to mitigate risk & reduce administration for the 1,500 clients it serves nationwide. Visit www.pfic.com to learn more.
Mortgage Guard® by PFI is lender-placed hazard insurance coverage that protects properties (including REO) when borrowers fail to maintain adequate insurance coverage as collateral for the loan. Mortgage Guard has optional premises liability, which provides slip and fall coverage on these properties.
Coverage
•   Residential/Mobile Homes: all-risk of direct loss to covered
•   Commercial: named perils coverage or all-risk coverage
Program Parameters
•   Master policy program with no individual property underwriting
•   Multiple exclusive insurance carriers; AM Best "A" or better
•   Optional coverage including liability, flood, vacant theft, and more
•   Claims settled at replacement cost - even if property is not repaired (Mobile homes at Actual Cash Value)
•   Web-based reporting and hazard tracking options
•   Flexible billing options and compliant borrower notifications
•   Refunds issued on a pro-rata basis
•   Proprietary client portal for vendor management
Bundle Mortgage Guard with Bridge60® (lender-placed flood insurance) and optional premises liability for a complete coverage solution.
To contact us, and for more information, please visit our CompleteMarkets storefront.