Bridge60®
Lender-Placed Flood Insurance
Bridge60 flood coverage protects residential, commercial, REO and mobile home properties located in mandatory flood zones. Coverage limits mirror the NFIP program with immediate coverage during the mandatory 45-day notification period. Bundle Bridge60 with Mortgage Guard® (hazard) and premises liability for a complete coverage solution.
Overview
- Master policy - names lender as insured providing instant binding authority
- Properties are insured during the 45-day mandatory notification period
- Lender chooses insured value (last known coverage amount or principal balance)
- Coverage limits mirror NFIP program and comply with regulations ($250,000 Residential; $500,000 Commercial)
- Immediate coverage on reported properties with 60-day delayed billing
- Simply report the loan number, property type, borrower name, property address, coverage amount and effective date to begin coverage
- Premiums charged and evidence of insurance issued after 60 day retro period has expired
- Refunds are issued on a pro-rata basis.
- Dedicated customer service representatives and toll-free number
Coverage
- Peril of Flood for residential and commercial properties
Optional Coverage
- Guaranty (automatic coverage) - form of E&O coverage for failure to report
- Concurrent - designed for under-insured second mortgages/HELOC properties
- Special Residential Condominium - eases burden of tracking association policies
Administration
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Online Forms − Easy alternative to faxing or mailing forms. Go to www.pfic.com and access online forms under the Client navigation. Login using a personal username and password and complete the short online forms. It's that easy! |
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InForcer® − This proprietary internet-based tracking and lender-placed reporting system allows lenders automated internal control over the administrative processing of lender-placed hazard insurance. InForcer, in conjunction with Mortgage Guard, tracks expiration dates, automates the lender-placed process, provides real-time billing and generates borrower notification letters. |
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File Exchange: Custom Interface with Loan Servicing Systems − Simple, seamless and easy to administer. |
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Deferred Billing − All properties reported receive immediate coverage during the 60-days deferred billing cycle and mandatory 45-day borrower notification period. After 60-day deferred billing period: lender-placed coverage is issued; premium are charged retroactive to the policy expiration date; and lender is invoiced monthly in-arrears, quarterly, semi-annual or annual in-advance |
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Monthly In-Arrears − Active escrowed loans or REO properties will be billed at one-twelfth the annual premium each month or until a termination date is provided. |
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Quarter, Semi-Annual or Annual In-Advance − Each loan is billed for the selected term: quarterly, semi-annual or annual in-advance. The lender receives a monthly billing report listing activity for the preceding period |
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Full pro-rata refunds when a property is sold and premium has been paid |
- Borrower Notification Letters
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Warning Letter − notifies borrower when proof of insurance has not been received |
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Bind Letter − notifies borrower when coverage is placed |
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Letter at Annual Renewal − notifies borrower when lender-placed coverage has been renewed |
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Letter of Cancellation − notifies borrower when lender-placed coverage has been removed |
Claims Management
- Residential borrower-occupied are settled at replacement cost versus actual cash value − even if the property is not repaired
- Commercial, non- borrower-occupied and mobile home claims are settled at actual cash value
- Dedicated Customer Service Representative and toll-free number for reporting claims
- Claim settled on average in 45 days of loss
Depreciation costs are not deducted when adjusting claims on a replacement cost basis.
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