Various financial institutions and loans/lease originators of all sizes are exposed to significant loss arising from the devaluation or loss of their collateral. The loss on value of as asset can be caused by physical damage, theft, market value fluctuations and many other perils from which the purchaser of coverage has little or no control.
The groups, which we would be most likely to consider the services offered by the "Specialty Products" operations, are:
Numerous insurance products have been developed to protect the contingent liabilities and the assets of finance companies against several common perils. Three of the most common policies for coverage sought are Contingent and Excess Liability, Lender's Single Interest and Gap Insurance