Mortgage hazard insurance programs

To protect a lender’s exposure if a borrower fails to meet his insurance obligations, American Modern offers a portfolio of lender-placed, property protection programs and services.

Lender-placed mortgage hazard insurance

We protect the lender against collateral loss in the event the borrower has failed to provide acceptable homeowners or dwelling insurance.

• Covers physical damage loss on uninsured or underinsured properties
• Extensive verification and notification before certificate issuance
• All-risk, real property coverage for residential and commercial loans by endorsement
• Coverage for foreclosed properties

Blanket mortgage hazard insurance

Protect your entire mortgage portfolio from physical damage loss.

• Customized coverage limits, deductibles and premiums
• Reduced need for insurance tracking
• Commercial, real estate owned and residential property

Mortgage impairment

Mortgage impairment offers a policy form that is designed to protect the owner interest of institutions in their mortgage loan portfolios against physical loss or damage from uninsured or underinsured perils not otherwise covered by a primary or lender-placed policy.

• Protection to property where the lender has required the borrower to obtain insurance but who fails to comply
• Payment on an insurance claim that is not possible due to insolvency of the direct insurer
• Protection due to lender’s negligent acts, errors or omissions
• Loss against perils not required by the borrower to insure, such as earthquake or subsidence
• Protection due to non-compliance with GSE mortgage processing regulation

Your account manager will review with you the full range of our capabilities and how they can best serve your institution. If your portfolio exposure requires a different kind of protection, we may be able to design a custom solution.