Aon launches US mortgage impairment solution

| May 10, 2011 | 0 Comments
Aon launches US mortgage impairment solution

Aon Underwriting Managers has launched a solution for US financial institutions that own or service mortgage loan portfolios.

The group’s Insurmark/Floodwatch and Bankers Insurance Service divisions will underwrite the product together, on behalf of Certain Underwriters at Lloyd’s.

Under one policy, the Global Portfolio Protection Program (GP3) offers around 8,000 US financial institutions mortgage impairment protection; mortgagee errors and omissions coverage; foreclosed/real estate-owned property and liability insurance and force-placed hazard and flood insurance.

According to Aon, combining these coverages mitigates the potential for coverage gaps, administrative difficulties and reporting restrictions for financial institutions.

Bankers Insurance president and chief executive officer, Bill Kaplan, comments: “Given the high level of foreclosures and repossessed properties at financial institutions across the United States, we developed GP3 to provide a one-stop solution to address exposures faced by banks, mortgage banks, insurance companies and any other entity that owns and services mortgage loans.”

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Category: Aon News, Business Insurance News, Insurance News

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