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Russell Bond & Co., Inc.
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Russell Bond & Co., Inc.
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Mortgage Impairment

When it comes to essential coverages for banks, credit unions, mortgage bankers, insurance companies, and other financial institutions, the Mortgage Impairment program from Russell Bond & Co., Inc. provides a comprehensive, reliable solution. Designed to protect your clients’ financial interest in real estate-secured loans, the program addresses exposures such as uninsured physical damage, errors in servicing, and other gaps that can impair loan collateral values.

Ideal Accounts and Appetite

Russell Bond’s Mortgage Impairment program is a strong fit for a broad range of lender and investor accounts, including:
  • Community banks and regional banks with under $1 billion in real estate-secured loans
  • National and regional lenders with portfolios exceeding $1 billion
  • Mortgage bankers and servicers, including those handling government-backed programs (GNMA, FNMA, FHLB)
  • Insurance companies, investment funds, and other holders of mortgage portfolios seeking asset protection
The program scales for single-state institutions up to large, multi-state portfolios and can be structured to meet servicing requirements for government agencies and investors.

Coverage Highlights and Advantages

Russell Bond offers a flexible Mortgage Impairment product that helps agents place accounts needing focused protection for loan collateral. Key program features include:
  • Coverage options sized for both small community lenders and large national institutions
  • Errors & Omissions (E&O) protection tied to lending and servicing activities, for issues such as:
    • Failure to identify properties in flood zones or other hazard areas
    • Failure to comply with loan servicing agreements or investor directives
  • Protection for uninsured physical damage to mortgaged properties — available on standard and All Risk bases
  • Blanket portfolio coverage across an entire loan schedule, where appropriate*
  • Support for regulatory asset protection requirements and investor servicing standards
  • Multi-year policy structures available to provide long-term portfolio stability
  • Limits available up to $25,000,000, with higher limits considered based on underwriting
*Note: California Earthquake coverage is not available under the Small Bank Program.

Underwriting Notes and Program Structure

This program is offered on a surplus lines, non-admitted basis and requires applicable surplus lines licensing in each state where it is placed. All submissions are subject to underwriting review. The product is backed by carriers with solid A.M. Best ratings, giving agents confidence in the program’s claims capacity and financial stability.

Territories and Availability

The Mortgage Impairment program is available across the United States, including all 50 states and the District of Columbia, subject to surplus lines regulations and state licensing where required. Russell Bond can work with you to verify availability and placement requirements in each jurisdiction.

Why Work With Russell Bond & Co., Inc.?

As a Managing General Agency with deep specialty insurance experience, Russell Bond & Co., Inc. combines targeted underwriting with hands-on service to help agents place mortgage impairment risk. Benefits for brokers include:
  • Dedicated underwriting and program teams familiar with lender and investor needs
  • Flexible structures for single-year or multi-year placements
  • Access to surplus lines capacity with carriers rated by A.M. Best
  • Responsive service from experienced leaders, including Ed Reilly and Tony Ambrose
You can rely on Russell Bond to help tailor coverage to a client’s portfolio profile, regulatory obligations, and investor servicing requirements.

Example Scenarios

  • You have a community bank with a growing portfolio of mortgage loans that lacks blanket protection for collateral damage and needs a cost-effective solution to meet investor servicing standards.
  • You represent a mortgage servicer handling GNMA loans that requires E&O coverage for servicing errors and gaps in property condition protections — including options for multi-year stability.

Frequently Asked Questions

What types of accounts are a good fit for this Mortgage Impairment program?

Ideal accounts include banks, credit unions, mortgage bankers, servicers, and insurance companies with real estate-secured loan portfolios, ranging from under $1 billion to well over $1 billion in loan volume.

What types of coverages are included in this program?

The program provides protection for uninsured physical damage to mortgaged properties, E&O coverage related to lending and servicing, blanket portfolio options, and other supports tailored to lender and investor requirements.

Is this program admitted or non-admitted?

This is a non-admitted (surplus lines) program. Placements require surplus lines licensing and compliance with state-level surplus lines rules.

Are higher limits available beyond the $25 million standard offering?

Yes. Limits of $25,000,000 are commonly available, and higher limits may be considered based on underwriting, portfolio characteristics, and carrier appetite.

Is the program available nationwide?

Yes. Russell Bond offers the Mortgage Impairment program in all 50 states and Washington, D.C., subject to surplus lines licensing and state requirements.

Need help placing an account? Connect with a market specialist.

U.S. States Available

  • U.S. States Available:
  • Provider Type:
    Managing General Agency
  • Admitted:
    0
  • Carriers:
  • Carrier Ratings:
    -
  • Commission:
    -
  • Min Premium:
    -

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CONTACT INFORMATION

LOCATION

295 Main Street , Suite 866
Buffalo, NY 14203
800-333-7226
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Russell Bond & Co., Inc. has other insurance programs like Employment Practices Liability Insurance.