Smart insurance for lending institutions
Secure, easy & smart
Especially created for lending institutions, Lenders Plus is all risks insurance protection for a lenders residential, commercial, industrial and agricultural property portfolios. It provides reinstatement value of a mortgage property to the outstanding loan value when the property is repossessed, uninsured, under-insured, incorrectly insured, or is a mortgagee in possession let property operated by a lender.
While standard borrower's property insurance may provide some safeguards, lenders are exposed to extensive risk when a borrower's insurance is adequate, when the borrower fails to renew, when a condition isn't met and voids the borrower's policy, or the Lender is a Mortgagee in Possession, causing financial loss by increased expenses.
In fact, most lending institutions don't realise how much profit is at risk or what they're spending on uninsured or inadequately insured risks or repairs.
Lenders Plus is different to any other insurance. It reduces the risk of loss caused by these events. It provides peace of mind during events where capital is at risk.
What's the risk?
Incorrectly insured assets
Criminal damage to asset
(By insured or 3rd party)
(e.g. borrower didn't renew, chose to not insure, couldn't insure or had their claim denied
Asset is repaired
at Lender's cost
Asset isn't repaired, value written off as a loss at Lender's cost
Assets is repossessed, property may be insured at retail standalone pricing at Lender's cost
Lenders Plus offers comprehensive protection unlike any other insurance in Australia
Reduce risk - extra protection, full coverage for value of property portfolio
Profit potential - improves profitability, possible cashflow postitivity, competitiveness & improved credit rating
Wider coverage and less onerous conditions
Save money - individual property insurance policies not required, reduce current costs
Save time - less administration
Easy - comprehensive portfolio, set & forget
Security - established by Lloyd's of London in 2003