Released on: Jun. 14, 2012
Taken from the briefing Force-Placed Insurance: Current Trends Following the Financial Crisis recorded May, 2012.
Borrowers who finance the purchase of a home, vehicles or personal or commercial property are generally required to maintain insurance on that property to protect the lender’s interest in the property as collateral for the loan. When the borrower fails to do so, or its existing insurance policy lapses, the lender is ...