Financial Institutions Warranty Coverage
Even with the best preparation, unexpected life events can have a significant impact on an individual’s financial well-being. Becoming unemployed, suffering a disability or even death can make it difficult for borrowers or their family members to pay back loans or other debts from lending institutions.
Innovative Financial Protection for Borrowers’ Peace of Mind
AmTrust Specialty Risk underwrites a variety of innovative insurance products that give your borrowers peace of mind about their ability to make loan payments when unforeseen events happen. We provide banks, credit unions and other types of lending institutions with warranties and debt protection products that generate revenue, manage risk, provide customer/member peace of mind and differentiate the institutions from their competition. These products include:
Lender’s Protection Program (LPP)
Built by AmTrust’s partner, Open Lending, LPP is an automated risk management software platform that enables lending institutions to approve a broader range of near-prime and non-prime auto loans while being protected by AmTrust’s auto loan default insurance. The benefits include:
- You can confidently approve loan applications you’re declining today
- Improves the profitability of your lending operations
- Mitigates risk while still allowing your institution to offer attractive rates
Killed in the Line of Duty (KILOD)
For credit unions serving law enforcement officers, KILOD waives a member’s outstanding loans if the member dies while engaged in work-related activities as a full-time peace officer.
Lenders Single Interest/Vendor Single Interest
Protects lenders from loss or damage to personal property that is the collateral for loans, such as cars, light trucks, watercraft, RVs, mobile homes and powersports.
Auto Deductible Protection
Cancels your borrower’s monthly loan payment when the borrower is required to pay the insurance deductible on their vehicle, whether due to an accident or other unforeseen event.
Major Auto Expense Protection
Cancels your borrower’s monthly loan payment when the borrower incurs a major auto repair expense.
Additional Automotive Protection Products for Financial Institutions
You can also partner with AmTrust Specialty Risk to offer other popular automotive protection products to your customers and members:
- Guaranteed Asset Protection (GAP): GAP protects borrowers’ vehicles against financial loss if their vehicles are totaled or stolen and never recovered. GAP waives the difference between the insurance settlement amount and the borrower’s outstanding loan/lease balance.
- Vehicle Service Contracts and Mechanical Breakdown Insurance: Protects your borrowers from unexpected motor vehicle repair costs in the event of mechanical failure beyond the normal terms and conditions of the manufacturer’s standard warranty and/or after the warranty has expired.
Financial Institutions Warranties from AmTrust Specialty Risk
AmTrust Specialty Risk is one of the nation’s largest warranty writers, with over 20 years of expertise in underwriting and structuring innovative insurance products. We can help financial institutions such as banks, credit unions and lending institutions decide how to structure their insurance programs. Additionally, we offer support for all compliance and regulatory needs. Some additional benefits of financial institution warranties from AmTrust Specialty Risk include:
Coverage from a supportive, stable provider. AmTrust Specialty Risk is part of AmTrust Financial Services, a multinational property and casualty insurance provider with an “A-“(Excellent) rating from A.M. Best. We have the financial strength and stability to support you every step of the way.
Protection from risk while generating profitable fee income. Banks, credit unions and other types of financial institutions not only want to help protect their borrowers from delinquency and default, but it’s also imperative they mitigate risk and continue to be profitable. AmTrust Specialty Risk’s innovative insurance products give borrowers the peace of mind they need to make payments should an unforeseen even occur, while the financial institution still increases revenue and retains loyal customers.
A vast network of contacts. As insurance is our only business, we are free to partner with any administrator you choose. Or, we can help recommended a provider by utilizing our vast network of contacts, ensuring you are able to create a best-in-class solution that fully meets your needs.
The ability to underwrite risk others won’t. Our expertise, specialized coverage options and experienced underwriters are often willing to take on risk other providers won’t. We’ll help you develop coverage plans that are not only compliant, but they’re profitable, too.
Ready to Learn More about Warranties and Debt Protection for Financial Institutions?
Contact AmTrust Specialty Risk today so we can help you generate revenue, sell more product, improve customer satisfaction and help you continue to build your brand.