Miniter Group | Blanket Mortgage Hazard Insurance
HELOC, Condominium, and some Residential 1-4 portfolios can potentially be protected by blanket mortgage hazard insurance. Once we understand the risk profile of your portfolio, the Miniter underwriting team will select from the 40 available endorsements to customize the policy to maximize coverage at the lowest applied cost.
blanket mortgage hazard insurance, HELOC loan portfolio, residential 1-4 loan portfolio, collateral risk transfer solutions, credit union loan portfolio, bank loan portfolio,
51680
page-template,page-template-full_width,page-template-full_width-php,page,page-id-51680,page-child,parent-pageid-50956,eltd-core-1.0.3,ajax_fade,page_not_loaded,,borderland-ver-1.14, vertical_menu_with_scroll,smooth_scroll,paspartu_enabled,grid_1300,wpb-js-composer js-comp-ver-5.4.5,vc_responsive
 

Blanket Mortgage Hazard Insurance

Highlights

 

  • Broad Coverage
  • Moderate cost to lender
  • No borrower insurance tracking
  • Low regulation risk
  • Common name is blanket hazard insurance

 

 

Coverage Description

 

Blanket Mortgage Hazard Insurance is used to transfer physical damage, theft and other coverage risk associated with dwellings and other structures that are typically contained in a Homeowners Insurance Policy (HO-2, HO-3, HO-5) or Condominium Association and Condominium Unit Owners Policies (HO-6).  Blanket Mortgage Hazard Policies are typically all risk policies with the exclusion of water damage (flood).

 

 

Underwriting

 

The Blanket Mortgage Hazard Policy provides policy coverage to all active loans in the insured portfolio.  There are no certificates to issue and no borrower insurance to track. Premium paid by the lender will be based on the portfolio’s outstanding loan balance, loss history, customized endorsements and deductible options selected.

 

Miniter’s experienced underwriters know when this blanket policy type will be cost effective.  A cost effective blanket policy solution is based on the risk profile of your portfolio. HELOC, Condominium and some Residential 1-4 portfolios are potential candidates.  Once we understand the risk profile of your portfolio, the Miniter underwriting team will select from the 40 available endorsements to customize the policy to maximize coverage at the lowest applied cost.

 

 

Delivery

 

This is a blanket policy so no software technology is required.  Monthly or annual outstanding loan balance (OLB) of the portfolio is the only reporting requirement. Portfolios that are running off may wish to consider a monthly OLB pricing model to align with decreasing portfolio balances.  Finally, there are minimum regulatory requirement, however SFHA flood loans and GSO loans may need to be excluded from this policy.   The Miniter claims processing system would be used to report a loss.