Lender-placed collateral protection insurance - CPI

American Modern can relieve the headaches of uninsured physical damage losses. We offer two programs for auto loans and other collateralized installment loans – CPI and LSI.

Scope of coverage

• Physical damage coverage
• Wide range of collateral types tracked and protected
• Differentiated borrower classes and risk exposures
• Borrower coverages:  dual interest, all risk, actual cash value settlement

Benefits

• Insurance verification calls result in fewer customer service issues
• Increased accuracy and reduced risk with electronic data interchange (EDI)
• High limits protect varied lending targets
• Annual certificates issued, with optional terms
• Automatic coverage insures complete risk management

Options

• Repossessed collateral
• Instrument non-filing Errors & Omissions
• Confiscation, conversion and secretion
• Repossession expense reimbursement
• Mechanic’s lien
• Repossession storage expense
• Deficit unpaid balance protection