Insurmark/Floodwatch and Bankers Insurance Service, two divisions of Aon Underwriting Managers, have partnered to introduce a product for financial institutions that own or service mortgage loan portfolios. The divisions will underwrite this product together on behalf of certain underwriters at Lloyd’s.
The new product, Global Portfolio Protection Program (GP3), offers approximately 8,000 U.S. financial institutions mortgage impairment protection, mortgagee errors and omissions coverage, foreclosed/real estate-owned property and liability insurance, and force-placed hazard and flood insurance in one insurance policy. The firms aid that combining these coverages on one policy form mitigates the potential for coverage gaps, administrative difficulties and reporting restrictions for financial institutions.
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