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What Mortgage People Must Know about Insurance


Mortgage Bankers and Servicing Agents Errors and Omissions Insurance

Errors and Omissions Specialty Insurance coverage for mortgage bankers and their servicing agents shields from losses incurred as a result of negligent actions - errors or omissions claims in relation to:

  • Financing
  • Closings
  • Selling
  • General loan or real estate mortgage servicing or associated advice

 



Mortgage Brokers Errors and Omissions Insurance

The go-between for property buyers and their lenders, mortgage brokers place mortgages for the real estate agents that sell houses, as well as commercial properties.  This type of Errors and Omissions Insurance coverage shields mortgage brokers from claim losses in regard to purported negligence while placing a mortgage.

 


Mortgage Impairment Insurance

The Mortgage Impairment Insurance shields banks and other financial enterprises from mortgage risks in regard to property owned by those who have taken mortgages from them. Due to the fact that financial institutions are required to secure first-party insurance for any mortgaged property, this coverage is secondary, carried solely for mortgagee protection. This form of insurance may also cover a wider scope of risk exposure, such as:

  • Floods
  • Wave washes
  • Collapses
  • Subsidings
  • Earthquakes



For more about any of the above insurance coverages and related options, speak to an experienced insurance agency.

PRIME Insurance is a 3-generation family-run independent agency. We’ve been appointed by the leading companies to deal directly with them, making us partners with the big industry names like ACE, ASI, ASSURANT, CHUBB, FOREMOST, Liberty Mutual, MetLife, PROGRESSIVE, Safeco, StillWater, Travelers, USLI, ZURICH and others. With thousands of satisfied customers, we benefit our clients by reviewing current coverage, and by shopping our extensive network to locate customized policies at competitively lowest quotes.

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Summary: Because of the perils inherent to the mortgage industry, specialized insurance is available.


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