Overview — Russell Bond & Co., Inc. Force Placed Insurance
Russell Bond & Co., Inc. offers a dedicated Force Placed Insurance and Owned Real Estate program designed for insurers, credit unions, banks, mortgage bankers, loan servicers and other lenders who hold loans secured by real property. This program provides the insurance protections lenders need when borrowers default, properties become collateral, or lenders take ownership following foreclosure.
Why this program
Lenders face increased exposure when loans become non-performing or when collateral remains uninsured. Russell Bond’s program lets you place coverage that isolates those higher-hazard exposures from a lender’s standard property & casualty program, provides monthly reporting on uninsured properties, and helps your client track the costs of non-performing assets. Electronic, online reporting is available to streamline administration.
Coverage highlights
- Coverage limits available up to $5,000,000
- 3-year policy terms available
- Force flood and General Liability options available
- All-risk perils available; flood and earthquake can be added where permitted*
- Available for residential, commercial, occupied, vacant properties and mobile homes
- Other types of collateral may be considered
- Deductibles vary by property type and vacancy status
- Minimum and deposit premium starting at $1,500
- Monthly reporting of uninsured properties (including properties not in compliance with mortgage terms or those that have been foreclosed)
Ideal accounts and appetite
This program is a strong fit for agents placing accounts for:
- Community banks and national banks with REO exposure
- Credit unions and mortgage bankers managing loan portfolios
- Loan servicers tracking large numbers of mortgaged properties
- Clients with mixed portfolios — residential, commercial, vacant or occupied properties, and mobile homes
Generally appropriate for standard to higher-risk lender exposures where the lender needs separate property protection for non-performing assets. The program can consider other collateral types on a case-by-case basis.
Underwriting notes and minimums
- Limits, terms and deductibles are underwritten based on property type, vacancy status and loss history.
- Minimum and deposit premium typically start at $1,500; final premium is subject to underwriting.
- 3-year policies are available where appropriate.
- Note: Earthquake coverage is excluded for properties located in California.
Territories
Available in: AL, AK, AZ, AR, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, DC, WV, WI, WY.
Example accounts
- You might have a community bank that has acquired several foreclosed single-family homes and needs property insurance and monthly reporting to monitor uninsured assets.
- You could place a portfolio for a mortgage servicer that requires force-placed flood coverage and GL exposure management for vacant commercial buildings pending disposition.
Why place this business with Russell Bond & Co., Inc.
- Specialized programing for lender/REO exposures with flexible limits and multi-year terms.
- Ability to add force flood and General Liability where needed to protect lender interests.
- Electronic online reporting for portfolio-level visibility and monthly tracking of uninsured properties.
- Experienced underwriting team focused on lender needs — for program details and submissions contact Tony Ambrose and/or Ed Reilly.
*Please note that earthquake is excluded on all properties located in California.
Frequently Asked Questions
What types of accounts are a good fit for this program?
The program is geared toward lenders, loan servicers, banks, credit unions and mortgage bankers that need separate insurance for non-performing loans, REO properties or collateral that is uninsured. It fits residential and commercial properties, vacant and occupied buildings, and mobile homes.
Are multi-year policies available?
Yes. Russell Bond offers 3-year policy terms where appropriate; availability and underwriting requirements depend on the account and property exposures.
Is flood or earthquake coverage available?
All-risk policies can include flood and earthquake where offered, and force-placed flood options are available. Note that earthquake is excluded for properties located in California.
What are the underwriting and reporting requirements?
Underwriting varies by property type, vacancy and loss history. The program supports monthly reporting of uninsured properties and electronic online reporting to help lenders monitor non-performing assets. Minimum and deposit premium typically start at $1,500, with final terms set after underwriting.
Need help placing an account? Connect with a market specialist.