Lender Insurance Review Services

 

We reduce exposures by evaluating Borrower's insurance gaps and amend them prior to a loss.

Our Lender Insurance Review Services are 100% fee-based.

We do not sell insurance. Our job is to know insurance.

 CIC facilitates streamlined closings for lending teams.
We bridge the gap between lending and insurance contracts with insight from both finance and insurance industries.

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PROCESS INTRODUCTION: LOAN RISK REDUCTION

We work collaboratively with Lenders, Borrowers and Brokers. Our initial evaluation encompasses Lender insurance requirement consultation, customized documents, procedures and workflows to fulfill your needs.

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COMPLIANCE CHECKLISTS: LOAN ORIGINATION

Our team secures, reviews and records Borrower's insurance documents. This information is compared to Lender requirements. The result: safeguarding of insurable interests, verifying compliance and ensuring smooth transfer or documentation to servicing teams.

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COMPLIANCE CHECKLISTS: LOAN RENEWAL

Borrower's endorsement and renewal insurance documents are reviewed, recorded and compared with Lender requirements. This process protects Lender's ongoing insurable interests in collateral.

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ONGOING COMPLIANCE: INSURANCE RENEWAL MONITORING

The operating tenets of a Lender's ongoing insurable interests are monitored consistently with this intensive process. Insurance documentation, coverage and compliance are tracked for accuracies and compliance. On your behalf, our team efforts are supported using client-specific software.

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SYSTEMATIC EXAMINATION: CIC'S AUDIT PROCESS

A program of analysis and discovery is the combined goal of CIC's Audit Process. Lenders' operating policies are surveyed to determine and evaluate efficacy and best practices.

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EXTENSIVE ANALYSIS: PORTFOLIO REVIEW

Providing short and long-term solutions, our capabilities include in-house and subcontracted resources to integrate best practices, audits, training and education.

Borrower's inadequate property and casualty insurance programs often expose Lenders to undetected risks.

CHALLENGE

A retail store owner secured a $2 million operating loan from a Lender. The Owner/Borrower suffered a catastrophic fire loss and was convicted of arson. The insurer denied the claim and also denied recovery for the Lender as "Loss Payee".

SOLUTION

This challenge is a common and unfortunate example
of where CIC could have provided exceptional value.
Had CIC conducted an insurance review on the Borrower's program, the gap in coverage would have been identified. Lesson learned: not all endorsements for "Loss Payee" are created equally. Undetected endorsements can leave a Lender empty handed.

OUTCOME

CIC is a partner to Lenders in protecting their financial interests. Our reviews identify and secure the proper coverage for Borrower's insurance programs. Our involvement allows Lenders' closing teams and credit departments to focus their efforts on closing more loans, thus increasing profits.

Are your interests protected?

 

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Upstate NY Office

5687 Main St.

Williamsville, NY 14221

O: 716.632.4442

F: 716.631.5728

Rochester Office

217 West Main St.

Rochester, NY 14614

O: 716.632.4442

F: 716.631.5728

New York City Office

1251 Avenue of the Americas

New York, NY 10020

O: 212.278.1050

F: 212.278.1733

© 2017 Commercial Insurance Consultants Inc.