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Blanket Mortgage Fire Insurance provides mortgagees with either Named Peril or All Risk physical damage protection for any segment of their mortgage portfolio or for their entire mortgage portfolio. in the event that the mortgagor is not carrying contractually required hazard insurance naming the lender as mortgage holder, this coverage protects the mortgagee’s security interest or servicing interest for others. Blanket Mortgage Fire Insurance is available on an admitted basis in all states for all types of residential and commercial property. Unique and customized program are available on a surplus lines basis in any state. Coverage may be purchased on first mortgages, second mortgages and/or home equity lines of credit. Our Blanket Mortgage Fire program offers a wide variety of limits, deductibles and coverage options. Standard Limits of Liability is $300,000 per location. Limits up to $5,000,000 are available. Coverage is generally limited to the mortgage loan balance. Coverage may be annual or monthly with various billing options. Blanket Mortgage Fire offers a simple solution for those segments of your mortgage portfolio that are difficult or economically impractical to track. Blanket Mortgage Fire is an economical alternative to tracking and force placing hazard insurance. No continuous insurance tracking is required. This is comprehensive blanket hazard protection on all eligible mortgages regardless of vacancy or occupancy. For many lenders, Blanket Mortgage Fire is a superior risk management tool as:
Foreclosure is not a condition of coverage. However, a foreclosure option is available in most states for a significant cost savings. Premiums are rated on either an annual or monthly basis using total outstanding balance basis. A modest minimum and deposit premium may apply. Optional coverage to the basic Mortgage Fire product include:
Great American can customize a Blanket Mortgage Fire Insurance program to meet a lender’s specific needs. |