The primary purpose of this program for mortgage related property and casualty insurance is to protect the interest of a
financial institution in real property for
which the lender has loaned money.

Eligible Properties:

      Residential

        1-4 Family Dwelling
        Owner or Tenant Occupied Dwellings
        Seasonal or Vacant Dwellings
        "Real Estate Owned" Property
       Mobile Homes

      Commercial

        Occupied or Vacant Commercial Buildings
        Commercial "Real Estate Owned"
        Residential Dwellings of more than four (4) families
        Apartment Buildings, Office Buildings and Other Commercial                 Properties

Ineligible Risks / Perils (Commercial):  These risks/perils are not eligible for coverage within this program.

  • Ocean Marine

  • Aviation

  • Boiler and Machinery

  • Railroad

  • Satellites

  • Fidelity and Surety

  • Growing or Standing Crops

  • Gas or Oil Drilling Rigs

  • Builders Risk

  • Liability Risk

  • Flood

  • Earthquake

  • Restaurants or Bars (when written as such)

  • Barns (when written as such)

  • Mobile Home Parks

  • Gas Stations

Coverage:

      Residential

        "All Risk" - Dwelling Coverage including Vandalism and                 Malicious Mischief

        Replacement or Repair Cost Loss Settlement Provisions

        Coverage may be written for last known insured amount or                 outstanding loan balance

      Commercial

        Named Peril Coverage including Vandalism and Malicious                 Mischief

        "Actual Cash Value" Loss Settlement Provisions Coverage may                 be written for last known insured amount or outstanding loan                 balance

Coverage Limits:

  • Residential - $500,000 per dwelling

  • Commercial - $500,000 per dwelling

  • Higher limits available upon request

Term:

     Monthly or Annual (12 months) term coverage available

Optional Coverage:

  Residential/Contents/Personal Property - Coverage is available
         for any amount up to 50% of the dwelling coverage amount.  An          additional rate, per $100 of insurance is charged.  This coverage
         can only be added if the dwelling is insured.

  Commercial Business Property - Coverage is available and may be           added as necessary.  This coverage can only be written if the building           is insured.

Blanket Mortgage Protection System:

      The purpose of the Blanket Mortgage Protection System (MPS) is to assist your institution in reporting to Collateral Protection accurate insurance premiums for those properties that require insurance coverage.

     Each month, reports are generated to assist your institution by providing the total premium amount for that month.  Once your account is installed, properties can be added from your location or our office.

 

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