Protect your institution’s interest in personal property used as collateral.
Our lender’s single interest (LSI) insurance program is specifically engineered to secure your interest in collateral for consumer loans. Force-placed insurance programs, and the associated tracking for automobile and consumer loan portfolios, are a constant administrative burden and cost, and can even drive up consumer loan delinquency by as much as 20%. LSI insurance can eliminate these burdens and costs by offering a blanket coverage policy to protect your interest in loans secured by automobiles, motorcycles, watercraft, recreational vehicles and other chattel-type property.
Coverage in the Event of a Lapse
In the event the borrower’s insurance on the property lapses or is cancelled, the LSI policy will cover:
- Physical loss or damage to the collateral, both before and after repossession
- Loss due to not properly filing your security interest in the collateral
- Skip loss due to your inability to locate the borrower and/or collateral
- Loss due to confiscation of the collateral
Coverage is customizable to your unique needs, and premium and claims are easily reported and managed using our user-friendly online LSI Platform. We work to serve you however robust your needs, going far beyond simple property and casualty coverage and leveraging the full power of NFP’s network to deliver services to support your organization.