Force Placed Insurance
Our Force Placed Insurance and Owned Real Estate program has been created to provide the essential coverages for Insurance Companies, Credit Unions, Banks, Mortgage Bankers, and all other entities creating loans that are secured by real property.
Your clients face a high risk of if their borrower defaults on a loan that was provided to them by your client. If a loan was defaulted on a loan, then your client may find themselves becoming the owner of some real estate that was used as collateral.
Your client may also be forced to own real estate in the event of a foreclosure.
Russell Bond, Co. offers a broad range of coverages for your clients that need financial security when they are loaning to others.
Our Force Placed and Owned Real Estate has the following coverages:
• Coverage available to $5,000,000
• 3 year policies available
• Force Flood and General Liability available
• Deductibles vary by type of property and vacancy
• Perils of all risk, including flood and/or earthquake are available
• Available coverage for residential, commercial, occupied, vacant properties and mobile homes
• Other types of collateral may be considered
• Minimum and deposit premium starting at $1,500
• Removes these higher hazard exposures from the lenders P&C coverage program
• Monthly reporting of properties uninsured *Please note if not in compliance with the terms of the mortgage agreement or foreclosed on
• Allows lenders to separately monitor their non-performing assets and costs of those non-performing assets
In addition our program also offers electronic on-line reporting. Your client will need our coverage to help them properly insure their investment or force place and owned real estate.
*Please note that earthquake is excluded on all properties located in California.
For more information on our Force Placed Insurance and Owned Real Estate program and the protection we can offer your client, please give our experts Tony Ambrose and/or Ed Reilly a call today!