Mortgaged Property – Physical Damage
In the event of a lapse in borrower property insurance coverage, Miniter-MPI insures the lending institution against direct loss resulting from destruction of or damage to the Named Insured’s property. All risk physical is available for Residential 1-4, Condominiums and Mobile Homes. Commercial Property is insured for named perils including: Fire, Lightning, Windstorm, Hail, Smoke, Explosion, Riot, Civil Commotion, Aircraft, Vehicles, and debris removal.

Real Estate Owned – Physical Damage & Liability
In the event of foreclosure, Miniter-MPI insures the lending institution against direct loss resulting from destruction of or damage to the Named Insured’s property as described above in the Mortgaged Property – Physical Damage section. In addition Miniter-MPI insures against general commercial liability including bodily injury, property damage, personal injury or advertising injury arising out of ownership of the covered property.

Flood Coverage
Miniter-Flood insures the lending institution against direct physical loss by Flood to Residential 1-4 and Commercial properties that are located in Special Flood Hazard Areas (SFHA’s), Non-Participating Communities or Coastal Barrier Resource Areas. Miniter-Flood enables immediate binding, annual premiums billed monthly with minimal paperwork.

Policy Highlights

Policy Limits
A wide range of policy limits are available to fit the risk profile of the lender. Physical damage limits of $20 million are available for commercial properties. Excess Flood insurance limits of $15 million are available for commercial properties and condominium associations. REO Liability limits in excess of $1 million are available.

Replacement Cost Loss Settlement
For Physical Damage and Flood Coverage, Replacement Cost Coverage is available and pays for the actual cost to replace the loss. Example: Policies without replacement cost coverage (ACV policies) would only pay 50% of the cost to repair a 10 year old roof that was damaged by fire since the expected life of a roof is 20 years. Replacement cost coverage pays 100% of the cost to repair the roof.

Deductibles
Flexible deductibles between $500 and $25,000 can be used to customize risk retention.

Policy Term
Annual policy with a monthly billing option that is invoiced directly from the Miniter-MPI website

Policy Rates
Our master policy rate is underwritten for each lender. The master policy rate is determined using lender portfolio characteristics, collateral types insured, previous loss history, and deductible option chosen. The premium charged to the borrower is this rate multiplied by the current outstanding loan balance at time of placement.