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Many of our current customers that have elected to implement blanket insurance to mitigate the risk of uninsured or under-insured collateralized loans did so from some type of insurance tracking program.\u00a0 Some were tracking internally, and some were outsourcing the function to a third party.\u00a0 Two questions they all had in common as they considered moving to a blanket program were, \u201cHow do we make this switch?\u201d and \u201cWhat kind of work will be involved on our end?\u201d<\/p>\n
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If your institution has an insurance tracking program that\u2019s been in place for a long time, it\u2019s all you know, and it can be overwhelming to think about a different model\u2013but you might be missing out on something that could really improve efficiency and your bottom line, not to mention customer satisfaction. Often the person who implemented the program is no longer with the company or they have not thoroughly investigated alternatives. There has never been a better time to understand all the types of collateral protection insurance<\/a> approaches to see if blanket coverage<\/a> could be a good fit.<\/p>\n First of all, let\u2019s define the premise of blanket insurance, regardless of the type of collateral (mortgage loans<\/a>, consumer loans,<\/a> equipment loans<\/a>) it covers:<\/p>\n If your institution is tracking internally, transitioning to blanket coverage is easy, almost like turning on a light switch!\u00a0 Track insurance one day and don\u2019t the next once a blanket policy is incepted.<\/p>\n Read: How Well Do You Know Your Collateral Portfolio Insurance?<\/a><\/p>\n For those who outsource the insurance tracking<\/a> function, moving to a blanket policy could require a little more attention if you\u2019re in a long-term contract. Many outsourced tracking companies will automatically renew your contract anywhere from 90 days to 6 months before expiration, so it\u2019s essential to know the terms of your agreement and start shopping early.\u00a0\u00a0\u00a0<\/p>\n Read: Force-placed CPI Insurance – Is There a Better Way?<\/a><\/p>\n At Unitas, your dedicated agent will take the time to evaluate your current program and see if the benefits of a blanket insurance program make sense. Our customers who switched to blanket insurance from a tracking program tell us they would never go back to the way they did before.\u00a0\u00a0<\/span>We have Blanket VSI<\/a> programs available for consumer loans, Blanket Mortgage<\/a> for real estate loans, and Blanket Equipment<\/a> for commercial equipment loans.\u00a0<\/a><\/span><\/p>\n\n
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