Collateral Protection Insurance

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The Golden Eagle "Pick-a-Loan" Collateral Protection Program provides coverage on a wide variety of collateral types and gives you the flexibility to place physical damage protection on loans where borrowers will not or cannot provide you with an adequate insurance policy of their own. This policy can be utilized in two ways:

A Point-of-Sale Insurance Product
You may offer the Pick-a-Loan Collateral Protection Program as a point-of-sale insurance product to borrowers at the time of loan closing. The product is designed as a low cost alternative and is easily administered.

OR

A Creditor-Placed Insurance Product
You may utilize our Pick-a-Loan Collateral Protection Program as a force placement insurance product at any time during, the loan term when your borrower fails to maintain a primary physical damage insurance policy protecting your interest in the loan.

PROGRAM COVERAGES, RATES. AND LIMITS
• All-Risk Physical Damage Coverage
• Limited Dual Interest Feature
• Deductible amount $500 per Occurrence
• $35,000 Maximum per Instrument Limit (Higher Limits Available)
• $1,000 Minimum per Instrument Limit

Eligible Collateral:
• Automobiles, Private Passenger Trucks (1 ton capacity or less), Vans, Motorcycles
• Other collateral as needed (RVs, Watercraft, Machinery, etc.)

Program Exclusions
• Collateral that is not eligible.
• Loan balances that do not meet the minimum and maximum Limits of Liability
• Loan is more than 30 days past due as of the Request Date of coverage issuance.
• Application (Exhibit I) is not completed and signed.
• Correct Premium is not received with the Request for coverage issuance.
• Exclusions per policy provisions.

Premiums:
• The Premium rate will be 12.00% of the outstanding balance of the loan per year for prime lending institutions.

• An up to $40.00 annual policy fee may apply (varies by state).

Note: This is a limited policy that protects only the lender's interest in the insured property. The policy does not provide Bodily Injury and Property Damage Liability Insurance, and does not comply with any financial responsibility law or any other law mandating motor vehicle insurance coverage.

Claim or Loss Settlement:
Claims will be settled based upon the lesser of:
• Cost of repairs
• Actual Cash Value
• Outstanding Loan Balance (Defined in Policy)
• Limits of Liability

Note: Settlements are less salvage and deductible.

(Please refer to the Master policy for a complete description of definitions, coverages, and exclusions.)

For more information feel free to Contact Golden Eagle Insurance

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