DSNews The homepage of the servicing industry
A new product from Chicago-based ""Aon Underwriting Managers"":http://www.aon.com will offer financial institutions that own or service mortgage loan portfolios the ability to combine insurance coverage.
[IMAGE]Aon's Global Portfolio Protection Program (GP3) offers approximately 8,000 U.S. financial institutions mortgage impairment protection, mortgagee errors and omissions coverage, foreclosed/real estate-owned property and liability insurance, and force-placed hazard and flood insurance in one insurance policy.
[COLUMN_BREAK]Combining coverages mitigates the potential for coverage gaps, administrative difficulties, and reporting restrictions for financial institutions, according to Aon.
""Insurmark"":http://www.insurmark.com/""Floodwatch"":http://www.floodwatchins.com and ""Bankers Insurance Service"":http://www.bankersinsuranceservice.com, two divisions of Aon, will underwrite the product together on behalf of ""Certain Underwriters at Lloyd's"":http://www.lloyds.com.
""Given the high level of foreclosures and repossessed properties at financial institutions across the United States, we developed GP3 to provide a one-stop solution to address exposures faced by banks, mortgage banks, insurance companies, and any other entity that owns and services mortgage loans,"" said Bill Kaplan, president and CEO of Bankers Insurance Service.
""GP3 is designed as a package program that simplifies administration and protects an institution's mortgage portfolio from several causes of loss for the entire life of a loan,"" Kaplan explained.
Insurmark specializes in a variety of mortgage insurance coverages designed to protect a lender's collateral interest in mortgage loans. Floodwatch is a single-source solution that meets the requirements of the National Flood Insurance Reform Act of 1994. Bankers Insurance Service has served the mortgage banking community for more than half a century.
