COLLATERAL PROTECTION INSURANCE

Your insurance coverage is not complete without a comprehensive solution for protecting your collateralized assets. Whether it’s an automobile, real estate property, boat, or motor home, our CPI (Collateral Protection Insurance) coverage gives our lenders the peace of mind knowing that their assets held as collateral from their uninsured borrowers are protected. FICOR administers and underwrites CPI, which enable us to deliver ultrafast claims service, personalize the coverage to the precise needs of our lenders, and provide a high level of customer service that is backed by both responsive frontline personnel and FICOR’s rock-solid state-of-the-art information systems.

Unlike many other companies in our industry FICOR is dedicated to, and focused on CPI. Our success is predicated on the satisfaction of our lenders in knowing we remain focused. Our constant high performance comes from our specialization, and concentration on CPI. We realize that risk mediation is not only your concern, but our benchmark, so we constantly strive to provide all of our lenders the confidence in a company that has their best interest at heart and supporting their decision when they ask the question, “Why use FICOR?”

BLANKET VSI/LSI COVERAGE

Many institutions find because of their size or loan documentation philosophy, that when they loan money on auto’s, boats, recreational vehicles, or any other chattel the inherent risk is present for uninsured loss, but do not want to have a comprehensive insurance tracking program. With VSI or LSI you are not required to “track” your loans to assure that their coverage exists or remains in force. You need to only make a reasonable effort to see that the property is covered by valid and specific insurance at the time of loan closing.

Standard coverage includes:

1. “All Risk” Physical Damage
2. Instrument Non-filing Errors & Omissions Coverage
3. Skip and Confiscation
4. Physical Damage to Repossessed Collateral

Simplified monthly reporting on the number of new loans made multiplied by the one time LSI/VSI premium is then mailed to FICOR assuring your coverage. If preferred, premiums can be charged based on a percentage of your outstanding loan balances. Any premiums you pay may be excluded from your APR calculation and, in some cases (state regulations may vary) may be charged back to your customer.