Spiro Risk Management, Inc. understands that tracking insurance on loans is time consuming and costly. We recognize that protecting the real property securing these loans is a major concern to lenders. Blanket Mortgage Hazard Insurance was developed to protect these properties while saving time and money in the process.

Coverage

The program provides all-risk, residential, comprehensive portfolio protection under a single blanket policy, eliminating the need to track and report individual loans with lapsed coverage.

One annual premium based upon portfolio size — at very reasonable rates — simplifies administration and protects exposed loans. There are no additional charges or rate changes for the rest of the policy year unless you purchase a portfolio or the portfolio increases greater than 10%. Tracking or reporting individual loans is not necessary.

Covered Perils

The policy provides broad coverage of typical, physical hazard exposure.

Losses

In many situations, the mortgagor’s primary insurance will pay for losses incurred. However, all too often the limit is inadequate or insurance is not in place, and you, as the mortgagee, are in jeopardy of losing your interest. The policy is designed to protect your interest in either situation. Losses are adjusted up to the principal balance of the loan on a replacement cost basis. There are different deductible options to suit your needs.

Coordination with Mortgage Impairment Policies

Mortgage Impairment policies usually require that permanent insurance be obtained within a set time after discovering an absence of coverage. This policy provides this required coverage in a simple, easy-to-use program. We recommend purchasing a Mortgage Impairment policy in conjunction with the Blanket Mortgage Hazard Insurance.

Please note that the coverage summaries provided are for promotional purposes only. For a complete product presentation with additional information please call us. Our staff is ready to assist you.