Mortgage Guard®
Lender-Placed Hazard & Optional Premises Liability Insurance
Mortgage Guard coverage protects properties when borrowers fail to obtain insurance. Mortgage Guard provides all-risk hazard insurance, including wind, for residential properties − including REO and mobile homes − as well as named perils coverage for commercial properties. Written as a master policy, Mortgage Guard names the lender as the insured providing instant binding authority. Bundle Mortgage Guard with Bridge60® (flood) and premises liability for a complete coverage solution.
Coverage
- Residential all-risk, including wind, on a reporting basis
- Named perils for single-interest commercial properties
Optional Coverage
- Flood − Bridge60®
- Commercial All-Risk
- Premises Liability
- Residential Vacant Theft
- Foreclosure and Demolition
- Automatic Coverage
- Commercial Contents and Equipment
- Farm Contents and Equipment
- Farm Residential and Vacant
- Terrorism
Administration
| • |
|
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! |
| • |
|
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. |
| • |
|
File Exchange: Custom Interface with Loan Servicing Systems − Simple, seamless and easy to administer. |
| • |
|
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. |
| • |
|
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. |
| • |
|
Deferred Billing - Deferred billing options of 30- or 60-days from expiration are available to simplify the refund process on borrower-owned properties. |
| • |
|
Full pro-rata refunds when a property is sold and premium has been paid |
- Borrower Notification Letters
| • |
|
Warning Letter − notifies borrower when proof of insurance has not been received |
| • |
|
Bind Letter − notifies borrower when coverage is placed |
| • |
|
Letter at Annual Renewal − notifies borrower when lender-placed coverage has been renewed |
| • |
|
Letter of Cancellation − notifies borrower when lender-placed coverage has been removed |
Claims Management
- Residential and commercial property claims are settled at replacement cost versus actual cash value − even if the property is not repaired
- Mobile home claims are settled at actual cash value
- Dedicated Customer Service Representative and toll-free number for reporting claims
- Claims settled on average within 45 days of loss
Depreciation costs are not deducted when adjusting claims on a replacement cost basis.
|
