Lenders single interest insurance - LSI

LSI is also referred to as VSI, vendor single interest. We use the terms interchangeably.

Scope of coverage

• New and existing loans, up to 84 months
• All risk physical damage
• Flexible programs:  physical damage, skip, repossession, filing E&O
• Instrument non-filing insurance

Benefits

• Simple monthly reporting form
• Premium based on number of loans each month, or portfolio outstanding balance
• Low deductible choices
• No insurance tracking or follow-up required
• Rate flexibility based on loss experience

Options

• Assumption of risk
• Mechanic’s lien
• Repossession expense reimbursement
• Waiver of ACV settlement for total loss or unrecovered thefts