Vendors Single Interest (VSI)

Vendors Single Interest Insurance will protect your financial institution from uninsured losses on your installment loan portfolio.

There are several coverages included in our Vendors Single Interest plan and the following is an explanation of each coverage. These coverages will apply to all new and existing loans.

All Risk Physical Damage Coverage
This is the basic coverage which provides blanket insurance on covered collateral. This coverage will cover losses on repossessed collateral with uninsured damage.

Non-Filing Coverage
Covers losses caused by improperly filed liens or unfilled liens on covered collateral.

Skip and Confiscation Coverage
Covers losses caused by borrower leaving with your collateral and not continuing to make payments. We first do a skip trace on the borrower and collateral. If the borrower or collateral is not located it will be considered a skip loss and the loss will be eligible for coverage. Confiscation coverage will cover losses caused by the confiscation of your collateral by public officer or office.

Repossessed Physical Damage Coverage
Covers physical damage losses sustained within sixty days after repossession of your collateral.

ACV Waiver Coverage
ACV coverage will make up the difference between the actual cash value of a vehicle and your principle loan balance in the event of a total loss. This coverage can add significantly to the amount that your institution receives when filing claims. With this coverage you would be assured of never receiving an actual cash value settlement.

Click here to contact Jamey Lawrence at jlawrence3@lawrencevictoria.com or 440-349-0775 ext. 105

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