Warranty and Lender Solutions

Blanket Lenders Single Interest covers the financial institution’s interest on collateralized loans for physical damage to repossessed vehicles when no other insurance is in force. Coverage is written on a blanket basis for a lender’s entire auto loan portfolio rather than requiring tracking at the individual loan level. Many coverage options are available to meet individual lender’s needs. Coverage Options available include All Risks physical damage, skip, repo, confiscation and instrument non-filing E&O coverage.

• Assumption coverage available.
• Flexible underwriting.
• Claims made or term of loan coverage available.
• Available in all 50 states.
• No tracking required.

Auto Collateral Protection Insurance provides physical damage coverage to protect the lender’s interest in loan collateral that is determined to be uninsured after the borrower has failed to respond to notices requesting proof they have insurance. Coverage features include:

• Automatic protection coverage available.
• Commercial equipment coverage available.
• Hybrid CPI monthly billing option.
• Optional lender coverages available.

Mortgage Hazard provides property insurance for a lender’s mortgage loan portfolio for both residential and commercial property. Under the terms of the mortgage agreement, borrowers agree to maintain property insurance coverage on the mortgaged property and to list the lending institution as a lien holder having a security interest in the property. Under the policy issued to the lender, the lender purchases coverage to protect its interest in the mortgaged property when either the borrower fails to provide evidence of insurance or when the property has been foreclosed. The Mortgage Hazard Insurance program does not provide coverage for flood or earthquake.

• Automatic protection coverage available.
• REO liability coverage available.
• All risks coverage including commercial properties available.

This coverage is for lender placed flood coverage if the borrower fails to provide such coverage when required. The treatment and process is similar to the Mortgage Hazard program. Coverage is written in conjunction with a Mortgage Hazard Insurance policy with Arch.

• Product written on an excess and surplus lines basis.
• Limits up to NFIP requirements available.

Vehicle Service Contracts are sold by third party administrators or service contract providers (obligors) to vehicle purchasers, who agree to provide certain covered repairs and services as the result of specified triggering events. The insurer issues a contractual liability insurance policy to the obligor which either reimburses the obligor for all losses incurred or guarantees performance under the service contract.

This is a broad category of products covering lower cost service contracts. Ancillary contracts can include Paintless Dent Repair, Tire and Wheel, and Windshield Protection contracts.

Warranties are provided, at no additional cost, to a purchaser of the underlying product. Common types of Appearance and Protectant Warranties include paint/fabric protection applications and theft deterrent products.

Many states have passed Vehicle Protection Product laws which group together various warranties, ancillary service contracts, and miscellaneous products, such as key fob replacement, for common regulation.

Limited warranties provide repairs for defined mechanical breakdowns that occur during the warranty time period. We insure both short-term limited warranties and lifetime warranties.

Guaranteed Asset Protection program reimburses creditors or assigned lenders for amounts waived under the term of the Guaranteed Asset Protection addendums (waivers) to loan or lease agreements. Guaranteed Asset Protection protects borrowers from loss arising from loan or lease balance exceeding auto insurance settlements in the event of total loss collision or unrecovered theft of the vehicle subject to a loan or lease.

Lease Excess Wear and Tear is sold or provided to lessees as an addendum to a lease. The addendum agrees to waive charges for excess wear and tear otherwise levied by lessors upon vehicle return at lease termination. The reimbursement insurance policy issued to the lessor (dealer, OEM captive, or leasing company) and reimburses the lessor for losses incurred from waiving Lease Excess Wear and Tear charges.

Involuntary unemployment insurance can be structured as a monthly payment relief benefit or as a vehicle return benefit. It is typically provided to a lender or lessor who then provides this coverage to their borrowers/lessees on a complimentary basis in many states. Following a one-year complimentary coverage, upgrades may be sold that increases the term of the coverage or adds a payment replacement feature. Lenders and lessors benefit by avoiding or delaying contract termination or repossession and borrowers can benefit by avoiding late fees and credit issues. 

Auto Deductible Reimbursement is designed as complimentary product that reimburses a borrowers primary auto insurance deductible in the event of a physical damage claim on the primary auto policy.

OEM Warranties serve as the initial coverage that are provided complimentary with the purchase of a consumer product. Our OEM solutions can enhance the coverage levels of the program backed by the manufacturer or extend the length of time. This can include Small, Mid, to Large size OEMs including consumer electronics, furniture, and brown/white goods.

Protection Plans designed as a “for sale” option in both consumer retail locations and online distributors. Available as either a parts & labor Repair or Replace design. Common plan offerings include: consumer electronics, furniture & bedding, fitness equipment, sporting goods, and home appliances.

Accidental Damage & Loss programs are generally designed for mobile devices on both a consumer and commercial level. Plans can be sold as a stand-alone or bundled with a larger protection plan offering, and provide repair or replace coverage for lost or stolen devices. Plans include mobile phone, laptop/tablet, and wireless devices. Can be offered in a retail environment or in a B2B relationship

Solutions designed to help homeowners protect the major components necessary to the structural functioning of their home, as well as personal products. Common plan offerings include: HVAC systems, smart home devices, major appliances, and builder installed components such as water softeners. Common plans include for sale models or as additions to the original OEM warranty.