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Risk Management Solutions - Vehicle

NorthStar Group can relieve the headaches of uninsured physical damage losses. We offer two programs for auto loans and other collateralized installment loans – Collateral Protection Insurance (CPI)  and Lenders Single Interest (LSI).

 

With lender-placed collateral protection insurance, or CPI, individual loans or leases are tracked to verify in-place insurance coverage, adequate coverage, and correct loss payee information. Force-placed coverage is activated and billed to non-compliant borrowers.

 

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