Standard Policy Coverages
All Risk Physical Damage:
As a primary coverage of Vendors Single Interest Insurance(VSI), All risk Physical Damage indemnifies the named insured against losses due to uninsured and damaged repossessed vehicles.
Instrument Non-Filing:
Provides coverage in the event that the lender is prevented from repossessing the vehicle or retaining the proceeds and/or exercising its rights solely because the named insured has unintentionally not recorded or properly filed its lien with the proper public authorities and/or the public authority has unintentionally not shown the named insured’s interest.
Confiscation Coverage:
Provides coverage when the named insured is prevented from recovering it’s collateral due to a confiscation by a Public Office.
Skip Coverage:
Protects the insured against loss due to the inability to locate the collateral nor any obligee of the instrument.
Repossessed Vehicle Coverage:
Extends All Risk Physical Damage coverage to losses occurring after repossession of the vehicle for a period of 90 days.
Insurable Collateral *
Automobiles:
With $100,000 loan limit, we define a vehicle of the private passenger type with a load capacity (carrying weight) of no more than 5,000 pounds licensed for use through the Motor Vehicle Commissioner. Motorcycles, vans and pickups are included under this collateral type.
Watercraft:
With a limit of $50,000 or less of loan balance at the time the loan is made.
Recreational Vehicles:
With a limit of $50,000 or less of loan balance at the time the loan is made.
Personal Property:
With a limit of $50,000 or less of loan balance at the time the loan is made.
Mobile Homes:
With a limit of $50,000 or less of loan balance at the time the loan is made.
*Higher limits may be available if needed
