In today’s increasingly complex financial and regulatory environment, your financial institution clients need peace of mind that their portfolios are protected every step of the way. That’s why at WNC Insurance Services, we provide the trusted and comprehensive lender-placed insurance solutions that thousands of financial institutions nationwide rely on to safeguard their loans from potential uninsured losses.
As a leading property and casualty underwriting agency, WNC helps financial institutions manage their risks through a broad portfolio of specialty risk management solutions, including insurance products protecting against hazard, flood and wind perils, and full insurance tracking services. This includes insurance adequacy and guaranteed compliance.
What We Write
- Immediate coverage – no waiting period.
- Support to ensure full compliance to federal and state regulatory requirements.
- Flexible Consumer Financial Protection Bureau (CFPB) compliance borrower notification letter cycle.
- No co-insurance penalty.
- Ability to backdate coverage up to 30 days.
- Deficiency coverage when a borrower’s policy does not have the right amount of insurance.
- Automatic coverage renewal.
- Fast and efficient claim management by WNC’s wholly owned and operated claims administrator to ensure claims are handled promptly, professionally and accurately.
Collateral Protection Insurance
Our easy-to-use lender-placed collateral protection insurance (CPI) secures your financial institution clients’ interests by helping borrowers protect theirs. Our program protects the auto loan collateral by providing coverage for your clients’ borrowers who find it difficult to obtain insurance protection. The coverage provides:
- Continuous protection for all-risk physical damage, waiver of repossession, confiscation, conversion (skip) and insufficient insurance.
- A full range of administrative and support services that include inception-to-date insurance data capture and management, borrower notifications, exposure reporting, coverage placement, inbound/outbound calling and more.
Reduce your clients’ costs, manage their exposures and ensure compliance with WNC’s full-outsourced insurance tracking. The service:
- Identifies exposures per loan and per collateral.
- Sends borrower notices of insurance requirements.
- Provides responses to your clients’ borrowers’ insurance questions through our highly trained and knowledgeable customer service professionals.
- Automatically places coverage if no proof of insurance is received within the period your clients allow.
- Provides iClient®, a proprietary secure, online system, to view insurance history, documents, notices and claims.
For more information, contact Sheri Kordsmeier, Senior Vice President, Partnership Development Team, Financial Services Division, at 214-647-8870 or firstname.lastname@example.org. To learn more about WNC’s broad capabilities and innovative solutions, visit www.wncinsuranceservices.com/products-and-services/lender-placed-insurance.