Lenders regularly need to monitor the insurance coverage that borrowers maintain on financed properties and equipment. Automated insurance tracking can make this easy.
Automated insurance tracking simplifies the process of monitoring borrowers’ insurance coverages. Using software reduces errors, minimizes risk, and lessens the likelihood of fines.
Most lenders underwriting collateralized loans should implement an automated insurance tracking solution. This is an efficient way to make sure required coverages are in place on financed assets.
Automated tracking might be used by banks, credit unions, specialized lenders, or other financial institutions underwriting loans.
insurance tracking simplifies the process of monitoring borrowers’ insurance coverages. Using software reduces errors, minimizes risk, and lessens the likelihood of fines.
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800-743-3898Automated tracking is available for most of the different insurance coverages that lenders (or others) require. For instance, tracking may be set up for:
In addition to these, lenders might automate the tracking of lenders loss payable coverage, personal property coverage, general liability coverage, or others. Almost any insurance coverage that lenders or regulators require can be tracked with an automated system.
Using an automated tracking system can have multiple benefits for lenders. A few highlights are:
Regulatory requirements make it particularly important for lenders to use a lender-specific automated tracking system. Requirements can vary by state, loan type, financed collateral, and industry. A system that’s specifically for lenders will be designed so that different regulatory requirements can easily be set up.
Automated tracking systems, themselves, usually aren’t set up to immediately force-place coverage without further oversight. Instead, they’re more likely to promptly notify lenders of coverage breaches. Lenders can then take any action that’s appropriate, potentially issuing force-placed coverage.
While the software itself usually won’t institute force-placed coverage, it’s easy to combine the software with additional services. Those additional services can often include instituting force-placed coverage when necessary.
If you need an automated insurance tracking solution that’s specifically designed for lenders, get in touch with us at QuieTrack. Our proprietary system can provide automated tracking alone, or be combined with other services for a comprehensive solution to lender insurance requirements. Reach out today, and one of our team members will help you explore how our system could help you.
Give us a call to learn how we can relieve your insurance tracking headaches so you can focus on your core business.