Collateral Protection Insurance

It makes sense that the industry’s best insurance tracking company would offer the best Collateral Protection Insurance (CPI). When borrows won’t or can’t obtain coverage, Lender Placed Dual Interest Insurance is your safeguard against physical damage losses.

CPI program members receive automatic coverage should damage occur when insurance is not in force. Additional features include:

• Built-in best-in-class tracking and delayed billing to minimize false placements.
• Portfolio segmentation which allocates premium based on risk exposure.
• Complete professional claims service and nationwide adjuster network.
• Coverage from an A.M. Best CompanyA+ (Superior) rated insurance carrier.
• Protection for lender and borrower from uninsured physical damage losses.
• Automatic coverage should damage occur when insurance is not in force.

Risk is inherent in auto lending. When the risk is too high to do nothing, call the experts at van Wagenen. Starting with expert insurance tracking and ending with total protection from uninsured loss, CPI from van Wagenen is your “peace of mind” risk mitigation partner.

Immediate Issue
You need your collateral insured now; not next week, not tomorrow. Auto Immediate Issue Insurance coverage, available through van Wagenen’s Collateral Protection Insurance (CPI) program, gives you the power to place same-day physical damage insurance on your uninsured auto collateral. Immediate coverage doesn’t have to mean inferior protection. van Wagenen Immediate Issue Insurance provides same day coverage from a company rated by AM Best Company.

With a call, fax or email, van Wagenen CPI customers will receive a certificate of insurance from an A+ (Superior) rated provider. And when your portfolio requires unique insurance options, we have the right coverage for you and your customer.

Optional Lender Paid Coverage

• Loan Balance Protection: Provides coverage up to the loan balance when a Lender/Creditor Placed Insurance claim is paid based upon the Actual Cash Value (“ACV”).
• Broad Form Loss Payee: Eliminates deductibles on repossessions with Lender Placed coverage and provides coverage where limitation in the customers’ insurance prevents your financial institution from collecting on a loss.
• Premium Deficiency: Provides for 100% premium return, when a deficiency exists due to the premium, after repossession of the collateral.
• Repossession Expense & Mechanics Liens: Coverage for repossession expenses incurred in order to take legal or physical possession of the collateral, storage, and make payment to release a valid mechanics lien.
• Conversion & Confiscation (Skip Coverage): Provides coverage when the borrower has sold, traded, or disposed of the collateral, or the borrower and the collateral cannot be found.
• Repossessed Collateral: Provides physical damage coverage once the lender has possession of the collateral for up to sixty days.
• Instrument Filing Error & Omissions: Provides protection for an unintentional error or omission in the recording of a lien which bars the lender from repossessing the collateral.