Golden Eagle Insurance has introduced the new Blanket 360 insurance product line, which will enable lenders to protect their collateralised loan portfolios on the lapse of borrowers’ coverage.
The new range includes the Blanket Mortgage protection that covers residential and commercial real estate, as well as Blanket Equipment protection that offers coverage for commercial autos/trucks and equipment.
The remaining consumer collateral loans are protected by the Blanket Single Interest Insurance (VSI).
Through the new proposition, collateral can be covered immediately following loan closing, thereby phasing out the requirement for tracking.
The new product range is also said to boost operational efficiency of lenders immediately, enabling them to grow without increasing headcount.
In this regard, Golden Eagle Insurance cited statistics that reveal that the average community lender has around 97% to 98% of their loan collateral properly covered at any one time.
“Thus, they spend enormous amounts of time and effort tracking insurance when in reality, only 2-3% of their customers are uninsured at any one time,” the insurer stated.
According to the insurer, blanket protection allows lenders to steer clear of the negative interactions with borrowers over insurance matters. It also reduces uninsured risk and enables loan servicing departments to dedicate more time on other issues.
Golden Eagle Insurance president Bill Jones said: “Blanket Insurance protections are a very simple and cost-effective way to eliminate virtually all internal insurance tracking after a loan is closed.”