FIS-CPI

Creditor Placed Insurance (also known as Collateral Protection Insurance or CPI) provides creditors with either Named Peril or All Risk physical damage in the event that the debtor is not carrying contractually required hazard insurance naming the creditor as loss payee.

Collateral Protection Insurance (CPI) is available on an admitted basis in all states for all types of vehicles: automobiles, pick-up, sport utility vehicles, trucks, semis, trailers, motor homes, recreational vehicles. Non-vehicle collateral also be added, including farm equipment, commercial and heavy equipment and mobile homes.

Our Collateral Protection Insurance program offers a wide variety of limits, deductibles and coverage options. Standard Limits of Liability are $125,000 per item of collateral. Limits up to $5,000,000 or greater are available.

CPI coverage may be either single interest (repossession required to make a claim) or dual interest (repossession not required to make a claim). CPI coverage may be term annual, monthly with various billing options.

For a separate charge payable by the creditor, the creditor may select from an expansive list of supplemental coverage to enhance their CPI program. These include, but are not limited to:

· Conversion and Skip (Basic and Broad Form)
· Confiscation
· Mechanics Lien (with or without a physical damage loss)
· Repossession & Return Expense (with or without a physical damage loss)
· Repossession Storage Expense (with or without a physical damage loss)
· Mechanical Breakdown (with a physical damage loss)
· Premium Deficiency Balance
· Waiver of Actual Cash Value
· Modified GAP Coverage
· Instrument Non-Filing
· Insufficient Insurance Coverage
· Repossession Deductible Buyback
· Excessive Debtor Deductible Coverage
· Program Administration Indemnification

Great American can customize a Collateral Protection Insurance program to meet a lender’s specific needs.

Click Here for Creditor Placed Insurance (CPI) Application