Berkshire’s Collateral Protection Insurance (CPI) program combines outsource insurance tracking with lender placed insurance to provide a fully integrated insurance tracking and delivery solution. Berkshire Risk monitors loans for compliance with the lender’s minimum insurance requirements, notifies borrowers with missing or inadequate coverage and issues insurance on loans that remain uninsured. Collateral Protection Insurance is an excellent risk management tool for banks, credit unions, and financial institutions.
Collateral Protection Insurance is also available for the Buy Here Pay Here Dealer. Berkshire Risk Services will be represented at the 2017 National Association of Buy Here Pay Here Dealers Annual Convention held in Las Vegas, stop by and visit us at booth # 217
Both the tracking and insurance components may be customized to meet individual lender’s specific needs.
Full service insurance tracking combines “high tech” and “high touch” service to maximize results, including:
- Outbound agent and/or borrower calling
- Extensive use of EDI contracts and intelligent document scanning to reduce manual keying of documents
- Tracking workflows customized to address each lender’s specific needs
- Secure remote client access
- Flexible coverage options – Basic all risk physical damage plus multiple available lender coverages
- Complete program administration by Berkshire Risk Services
Manual Issue CPI
For lenders who prefer to keep insurance tracking in-house, Manual Issue CPI provides all the basic protection of automated CPI without the insurance tracking service. Insurance is ordered as needed based on the lender’s own insurance tracking.