Aon Risk Services, the risk management and insurance brokerage business of Aon Corporation, today announced that financial institutions can now maximize the value of their real estate-owned assets through Aon's Comprehensive Asset Maximization program.
This innovative approach allows lenders the flexibility to procure insurance for each stage of the asset maximization process – before foreclosure, during the holding period following foreclosure and at the completion of construction. In addition, this course of action offers completed operations protection for all parties.
"Financial institutions of any size seeking to maximize the value of their REO assets face a myriad of insurance and risk management challenges not typically covered by traditional insurance programs," said Michael O'Connell, managing director of Aon's financial institutions practice. "This new solution allows banks to deliver the best results to investors while allowing them to manage and control the REO maximization process."
Michael Szot, managing director of Aon's construction services group, added, "We set out to develop a program for our banking and builder clients to drive success with very little administrative or cash flow impact. Our Comprehensive Asset Maximization approach does just that while fully supporting decision-making processes by delivering a combination of insurance, education, legal and industry resources efficiently."