The Anthony R. Davis Agency is please to introduce our Agency as
the Program Manager for Travelers Mortgage Impairment Policy in
approved states.
Travelers has always maintained a presence as a stable leading
provider of Property and Casualty coverages through the agency
distribution system. In analyzing the coverages available to
financial institutions, Travelers recognized the need for a
comprehensive Mortgage Impairment Policy to be made available by a
stable domestic carrier.
Travelers Mortgage Impairment Policy offers broader coverage
provisions at basic rates than many products currently available in
the market and invites comparison to any
other coverage available.
The Anthony R. Davis Agency provides policy quotation, policy
issues, servicing and claims assistance for Travelers.
WE ARE EQUIPPED TO:
-Provide a quotation from existing carrier's applications.
-Provide 24-hour turnaround on quotations.
-Provide progressive schedule of commissions to licensed and
appointed agents.
-Provide a procedural guide to assist in the servicing and
administration of policy provisions.
-Issue policies from our office
COVERAGE HIGHLIGHTS:
-90 Day Automatic Protection for all "Required Perils".
Protection available to $20,000,000.
-3 Year Policy Coverage (3 year prepaid or annual installments).
-365 Day Cancellation Clause available (protects bank interest).
-Coverage for both "Checking" and
"Non-Checking" basis.
-Coverage meets Federal and Secondary Marketing requirements.
-Centralized claims processing.
-Provides coverage continuity from existing carrier (Form
following).
BASIC COVERAGES:
Travelers Mortgage Impairment policy provides the following
basic coverages:
Section A1- Damage to Covered property from "Required
Perils"
Covers loss to the Bank's interest due to non-existence of
coverage that was required by the Bank to be purchased by the
borrower. It provides automatic coverage for a period of 90 days for
the Bank when coverage is not in force. The policy excludes
Earthquake coverage in the state of California.
Section A2- Liability
Errors and Omissions coverage relating to the Bank's mishandling
of escrowed insurance premiums which results in a lapse of coverage
for the borrower.
Section B1- Real Estate Tax Liability
Errors and Omissions coverage relating to non-payment of
taxes by the Bank on behalf of the borrower.
Section B3- Life and Disability Insurance
Errors and Omissions coverage relating to mismanagement of
these coverages by the Bank on behalf of the borrower.
Section B4- Flood Legal Liability
Errors and Omissions coverage relating to the Bank's failure
to determine whether or not a property is in a flood zone.
Section B5- GNMA Procedures
Errors and Omissions coverage for the loss of guarantee due
to their failure to comply with required perils.
Section C- Physical Damage from Balance of Perils
Damage to covered property from any cause other than outlined
in Section A (including Earthquake). The policy excludes Earthquake
coverage in the state of California.
Section F- Loss of VA, FHA, SBA Guarantees
Errors and Omissions coverage for the loss of loan guarantee
due to improper notification of loans in arrears.
Covers
additional legal fees that the Bank may incur in their attempts to
settle a claim.