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Blanket Mortgage Fire Insurance
Eliminates tracking expense and gaps in coverage
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| Overview: |
- Blanket Mortgage Fire provides comprehensive blanket hazard protection for a mortgagee's entire portfolio of residential mortgage loans and home equity lines of credit, regardless of vacancy or occupancy.
- Coverage protects the mortgagee in the event that the mortgagor does not have acceptable hazard insurance naming the mortgagee as lien holder.
- Foreclosure is not a condition of coverage. However, the foreclosure option is available for a significant cost savings.
- Other than initial verification that the Mortgagor had coverage at the origination, no insurance tracking is required. There are no gaps due to a failure to discover missing hazard insurance.
- Blanket Mortgage Fire can insure lenders, servicers and other parties having a security or contractual interest in a mortgage.
- Blanket Mortgage Fire is simple to administer. Premium is paid monthly based on outstanding balance basis.
- Coverage for Real Estate Owned property is available on a Reporting Schedule basis only.
- Coverage may be purchased on all first, second, and junior mortgages and home equity lines of credit.
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| Limits of Liability: |
- Standard Limits of Liability are $100,000 and $300,000 (other limits available upon request)
- No Aggregate Limit of Liability
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| Deductibles: |
- The standard deductible is $500 with larger deductible for Gulf and Atlantic coastal county wind exposures, builders risks and commercial exposures.
- Optional coverages include builders risks, mobile homes, earthquake, demolition and foreclosure expense, ordinance or law coverage, pollution extraction and removal expense, freeze and discharge, and condominium assessments.
- Blanket Vandalism and Theft Coverage can protect the mortgagee's entire portfolio against vandalism and theft losses otherwise covered by the Mortgagor's acceptable hazard insurance, but for such other coverage being suspended as a result of a vacancy provision.
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Note:
This information is descriptive only; actual policy and coverage terms, conditions, and exclusions are determined by the policy issued by the underwriter.
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