The Collateral protection program is a creditor based program. It is
designed for banks that typically have less than 5,000 outstanding loans. The program
allows the bank to use a web-based tracking system to track borrowers’ insurance, and
to make the decision on when to force place insurance on the collateral. The program
offers the “limited dual interest” feature of traditional creditor placed
programs. The lender and their borrowers are provided with insurance coverage to protect
collateral from loss due to physical damage or vehicle theft.
