Credit Placed Insurance

What is Credit Placed Insurance?

Credit Placed Insurance is insurance that is purchased unilaterally by the creditor, who is the named insured, subsequent to the date of the credit transaction, providing coverage against loss, expense or damage to property as a result of fire, theft, collision or other risks of loss that would either impair a creditor’s interest or adversely affect the value of collateral. ‘Creditor Placed Home’ means ‘Creditor Placed Insurance’ on homes, mobile homes and other real estate. ‘Creditor Placed Auto’ means insurance on automobiles, boats or other vehicles.

 

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