Agent and Lender Relationship

[tarobhap]

I am looking for more information on how an Agent and Lender can work together.

A way where the agent can be the servicing agent for lender in Forced Placed Insurance.

Any experts out there?

 

[Josh]

Why would you want the forced placed business? Would seem like a loss and chargeback nightmare.

 

[tarobhap]

This would be for only commercial properties.

Each property would not be a typical type policy but would have a month to month or even day to day coverage type basis.

 

[insurance1822]

This would be for only commercial properties.

Each property would not be a typical type policy but would have a month to month or even day to day coverage type basis.

Lenders typical outsource that to established direct companies (Assurant is a big one.) They also use agencies such as NRE Insurance out of Kansas that have worked with insurance carriers (with substantial premium volume to justify it) to create speciality programs that lenders need. Things like replacement cost, no coinsurance, no inspections, special form coverage & monthly reporting for vacant properties. How can you compete with that? Of all my vacant carriers NONE will even come close to offering coverage like that.

If you had a few million in vacant home premium you may be able convince a carrier to create a program like that...then you'd need relationships with decision makers in large banks.

Anything is possible but gooood luck. I had $60,000 account on all vacant properties & I sent them to the agency I mentioned because it's just too much of a pain.

 

[tarobhap]

@insurance1822.....I appreciate the feedback. I understand completely it will be difficult. I really would like to create a way that I can be involved with this bank. Something even that could be outside the norm.

I have close ties to the owner of the bank. They are a community bank that only does commercial property, which is where my expertise comes in.

 

[insurance1822]

@insurance1822.....I appreciate the feedback. I understand completely it will be difficult. I really would like to create a way that I can be involved with this bank. Something even that could be outside the norm.

I have close ties to the owner of the bank. They are a community bank that only does commercial property, which is where my expertise comes in.

Scottsdale Insurance is the carrier who made that program for the insurance company i mentioned. Maybe even have a conversation w/ Foremost, Vacant Express, American Modern etc but I doubt they'll be able to secure those coverage's/features unless it's substantial premium. Banks won't want to deal w/ inspections & the honest truth is doing the right thing for the client may be referring them off in this case.