Insurmark/Floodwatch and Bankers Insurance Service, two divisions of Aon Underwriting Managers, today announced they have combined forces to introduce a holistic insurance solution to financial institutions that own or service mortgage loan portfolios. The divisions will underwrite this product together on behalf of Certain Underwriters at Lloyd’s.
The new product, Global Portfolio Protection Program, offers approximately 8,000 U.S. financial institutions mortgage impairment protection, mortgagee errors and omissions coverage , foreclosed/real estate-owned property and liability insurance, and force-placed hazard and flood insurance in one seamless insurance policy. Combining these coverages on one policy form mitigates the potential for coverage gaps, administrative difficulties and reporting restrictions for financial institutions.
“Given the high level of foreclosures and repossessed properties at financial institutions across the United States, we developed GP3 to provide a one-stop solution to address exposures faced by banks, mortgage banks, insurance companies and any other entity that owns and services mortgage loans,” said Bill Kaplan, president and CEO of Bankers Insurance Service. “GP3 is designed as a package program that simplifies administration and protects an institution’s mortgage portfolio from several causes of loss for the entire life of a loan.”
Those institutions with GP3 in place will receive the benefit of each division’s expertise: Bankers Insurance Service is one of the world’s leading underwriters of mortgage impairment protection and Insurmark is an industry leader in underwriting force-placed hazard and REO property insurance.