Blanket Mortgage Impairment/E&O Coverage

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This insurance policy is designed to provide two main functions for your institutions:

1. To eliminate much of the administrative work that is associated with tracking insurance policies on a first mortgage and commercial loans.
2. A combination of a host of insurance protections designed to provide backing to your institution when errors are made in the tracking of insurance and in other areas of your lending that might cause you loss.

The insurance tracking relief comes in the form of the elimination of all renewal tracking on all first mortgage and commercial loans. The policy allows you 90 days of coverage after a cancellation date before Force Placed insurance needs to take effect. This leaves you with the situation where you are only required to track cancellation notices and you do not have to force place coverage for up to 90 days past the cancellation date.

The insurance protections cover wide variety areas which include the following:
Coverage is provided in the policy for losses that may result from errors made in your insurance processing office of tracking insurance and failures of properly protecting the property when lapses occur.

• Coverage is also provided in the policy for losses resulting from mistakes made in the determination of whether or not a property is in a flood zone. This also provides coverage when your institution uses an outside company for Flood Determination Service.
  
• Coverage provides protection for mistakes made in the payment of insurance and taxes on escrow accounts. Any legal cost or other loss that results as a result of mistakes in this area are protected by this policy.
  
• Coverage is also provided for losses that result from your institution losing any mortgage guarantee backing if errors are made in reporting and or compliance to mortgage guarantee backing entities.

For more information feel free to Contact Golden Eagle Insurance

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