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Mortgage Fire Insurance (also known as Mortgage Hazard or Forced Placed Fire Insurance) provides mortgagees with either Named Peril or All Risk physical damage in the event that the mortgagor is not carrying contractually required hazard insurance naming the lender as mortgage holder. Coverage extends to the mortgagee’s interest or their servicing interest for others. 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. Our Mortgage Fire program offers a wide variety of limits, deductibles and coverage options. Standard Limits of Liability are $1,000,000 per location. Limits up to $10,000,000 or greater are available. Mortgage Fire may be purchased in most states on either a single interest (mortgage loan balance) or dual interest (total insurable value). Coverage may be term annual, monthly with various billing options. Optional coverage to the basic Mortgage Fire product include:
For a separate charge payable by the mortgagee, the mortgagee may select from an expansive list of supplemental blanket coverage to enhance their Mortgage Fire program. These include, but are not limited to:
In certain jurisdictions, the mortgagor may elect to expansion forced placed coverage to include:
Great American can customize a Mortgage Fire Insurance program to meet a lender’s specific needs. |