Collateral Protection Insurance (CPI)
Lender Endorsements
By way of separate endorsement and premium, the following lender-specific coverages are available.
- Conversion, Embezzlement or Secretion (Skip) - Protects lender against losses from a delinquent loan for a vehicle of unknown whereabouts. We will search and locate within 90 days or pay claim based on coverages.
- Errors and Omissions Coverage - If losses due to vehicle titling errors or omissions occur (i.e. Lien not attached), claim will be paid.
- Premium Deficiency - When a loan is finalized (repo'd, resold/repo'd, salvaged out or bad debt charge off), and you have a premium deficiency balance, premium will be returned. Earned premium can be returned not to exceed deficiency balance.
- Mechanic's Lien - Coverage if mechanic holds or applies lien to a delinquent account.
- Repossession Expense - Covers expense in securing collateral.
- Repossession Storage Expense - Expenses for storing a repo'd vehicle.
Using our years of experience in loan tracking Freimark and Associates tracks using the latest automated insurance technologies, using a five-way cross reference method of matching insurance documents to collateral loans. Our system also interfaces with EDS Corp. to accept insurance policies electronically.
Advantages of Freimark and Associates, Inc.
While the industry is dominated by large, multi-layered, multi-departmental tracking companies, Freimark and Associates remains highly accessible. We have managed to marry the cutting-edge technology of the larger trackers with the personal service credit unions expect.
Why Choose Freimark and Associates over other Trackers?
- Compliance and Privacy are paramount objectives when tracking your member's insurance information. We take the utmost care in securely handling your loan extract files and member information by offering the credit union secure methods for the disbursement of private information.
- Individual staff is dedicated to your credit union handling primary duties of data entry, incoming and outgoing phone calls, notice generation and disbursement and electronic data interchange.
- Insurance Verification is available via phone, fax or email. Insurance agents are able to verbally give proof of insurance while proper documentation is being readied. EDI (electronic data interchange) electronically sends insurance information directly from the insurance carrier to our tracking system.
- On-Line Loan Review - Credit union staff are able to securely access loan and insurance information instantly via the web. Reports, notices and insurance status are available in real time.
- Mortgage Tracking is available at no cost.
- Laser-generated notices are logo-identified and specifically address the reason for the notice and how the problem can be corrected. Standard or custom notices are available for both collateral and mortgage loans.
- Claim processing is handled in-house. This assures you that your claim will be quickly and accurately processed by people you know.
The success or failure of a CPI plan rests primarily on accurate tracking. While our system does an excellent job of matching insurance policies to loans by either the member's last name, VIN number, street address, insurance policy number or by the member's account number, it is our experienced staff and their proven procedures that really makes our program effective.
Our data entry / customer service representatives will go the extra mile to call the agent and or carrier to try and correct a lienholder problem or an unassigned policy number to prevent a notice being mailed to your borrower. The best CPI program is the one that you don't notice, because problems are resolved before your staff needs to get involved.