all risks: Banks Have Trouble Insuring Foreclosed Vacant Commercial Properties
- 12/14/09 01:40 AM
One of the toughest properties for banks to find coverage on these days is vacant foreclosed commercial properties, which have grown in numbers over the last several months and promises to continue to be a problem for the upcoming year. As the Senior Financial Institutions Underwriter for All Risks, Ltd. I see this day in and day out. A bank has a package policy that has been allowing them to insure their foreclosed properties and now all of a sudden they submit a commercial vacant property and their current policy declines it. This leaves the bank scrambling for coverage and … (2 comments)
all risks: REO Property and Liability Insurance - The forgotten costs of foreclosure.
- 05/04/09 01:58 AM
With and ever increasing number of foreclosures in the market place, lenders are trying to contain costs that they incur in the whole foreclosure process. Most people fail to realize the numerous costs involved with maintaining a portfolio of foreclosed properties. One of these costs, that can be significant with a large portfolio of properties, is Real Estate Owned property and liability insurance. Real Estate Owned (REO) Property Insurance provides lenders with physical damage for any portion of their portfolio of owned properties, foreclosed properties, and properties in the process of foreclosure. Coverage may also extend to properties held in trust for … (0 comments)
One of the toughest properties for banks to find coverage on these days is vacant foreclosed commercial properties, which have grown in numbers over the last several months and promises to continue to be a problem for the upcoming year. 
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