Property Insurance
Lenders understand how crucial property insurance is to safeguarding investments. It could mean the difference between available funding or devastating financial losses.
Our property insurance offerings
Lender Placed
OSC’s lender-placed insurance solutions protect our financial services partners from undue risks by integrating industry-leading loan and escrow monitoring, compliance, and risk management solutions. It’s a trio you can truly trust – tailored to you.
| Hazard, Flood and Wind coverage | Simplified rating |
| Guarantee issue | Stand-alone wind and earthquake policies available |
| No individual underwriting | Flexible coverage terms |
| Replacement cost or loan balance coverage | Simplified rate structure |
| $10MM + Â limit(s) of liability per property |
| Single- and multi-family residential | Contents coverage |
| Mobile homes | Real estate owned (REO) property coverage |
| Blanket second mortgages | Commercial property coverage |
| Newly acquired property | Land-only liability |
| Comprehensive lender-placed flood insurance that exceeds government requirements | Flood zone determination, classification, and monitoring services available |
| Compliant with NFIP/FEMA requirements | Condo unit coverage available |
| Excess flood – $10MM+ | Contents coverage available |
| Coverage available for deficiencies/gaps | Flood zone determination, classification, and monitoring services available |
Bank-Owned
The traditional insurance approach isn’t always the right choice for financial institutions. OSC created REOCover, a stand-alone REO insurance program, to provide financial institutions with peace of mind knowing that foreclosed assets will be protected by best-in-class products with highly competitive insurance rates. Traditionally, financial institutions insure foreclosed/REO assets through a lender-placed policy for the mortgagee with REO coverage added as an endorsement. REOCover provides the lender with a stand-alone REO master policy outside of the lender-placed environment. This tailored approach translates into smart property protection at very competitive rates from a top-rated carrier.
| Hazard, Wind, General Liability, and Flood coverage | Property limits up to $20MM |
| Customizable deductibles | Favorable replacement cost terms |
| Residential and Commercial properties qualify | Occupied or vacant properties eligible |
| OSC’s proprietary IrisX technology for efficient coverage orders and cancellations | Automated monthly premium billings to help cashflow and control without refund processing from annual certificates |
| Schedules of properties are eligible for automated reporting | Rapid implementation and virtual training and support |
| A demonstrated approach to risk mitigation | Save valuable staff time |
| Access to our insurance risk analytics portal to assess property risk exposure level |
Mortgage Impairment
OSC industry experts fully understand increasing regulations and the complexities that come with full protecting your collateral and ensuring constant, flawless business practices. The risk of something falling through the cracks is a reality. We know how to protect our valued clients and mitigate these nuanced risks that can be challenging and costly to organizations.Â
| Protecting those who lend or service mortgages | Defending against losses resulting from errors or omissions not usually covered by other property and casualty policies |
| Limit of $5MM (Higher limits are available) | Reduced rates for 3-year policies |
| A.M. Best A+ rated carrier | Readily quoted upon completed submission with quick binding |
| Varied options and deductibles tailored to your business |
| Homeowners insurance lapse of coverage or insolvent insurance company | Errors and Omissions relating to the Assured’s handling of homeowner’s insurance |
| Coverage for non-required perils such as earthquake | Non-payment of property taxes leading to property seizure |
| Improper determination or absence of property insurance required by Flood Act | Errors and Omissions related to GNMA, FNMA, and/or FHLMC guidelines |
| Title-related issues such as errors in searching liens or title company insolvency | Non-disclosure to Private Mortgage Insurance carrier of mortgage in arrears |
| Errors and Omissions of the Assured in connection with the satisfaction of a mortgage | * Specific policy coverages subject to individual terms and conditions as outlined in your policy |
Real Estate Investors
| Highly experienced team | Relationships with top-rated carriers |
| Comprehensive and competitive coverage solutions | Available to agents and brokers who work with both individual and institutional investors |
| Competitive property and liability protection for REO and investor-owned properties | Quick quote to bind capabilities on residential homes (1 to 4 units), condos, and small apartments |
| Responsive claims handling | Land contract and seller-financed transactions covered |
| Options for single properties under a single policy through RiskSecure Program | Options for multiple properties under a single policy through RiskSecure Plus Program |
*Some of the general liability coverages, conditions, and warranties include*:
| $1MM each occurrence per property limit | Up to $5MM per schedule/Max 20 locations per schedule |
| $50,000 in fire damage | Personal advertising coverage |
Property perils include* but are not limited to:
| Loss of rents for 12 months | Fire, smoke, lightning, explosion |
| Windstorm or hail (varied deductible options) | Theft, vandalism and malicious mischief |
| Glass breakage, falling objects | Weight of ice, snow or sleet |
| $5,000 in debris removal | 10% of TIV building ordinance/law A, B & C |
| $10,000 reverse flow of sewers/drains | Direct loss or damage to apartments from mechanical breakdown or electrical related failure (exclusions apply) |
*Please review any policy carefully for full coverage terms and conditions.*
Total Loan Coverage
| Combined LPI and Second Blanket Mortgage protection for first and second mortgages, as well as HELOCS | Access to A.M. Best A rated carriers |
| Partner with OSC’s experts who deeply understand the dynamic mortgage industry | Timely and compliant insurance tracking through industry-leading technology system, IrisX |
| Hazard coverage through blanket insurance policies | A single blanket policy eliminates monitoring individual properties |
| Policy protects when incurred losses are not covered by primary insurance |
| Single- and multi-family residential | Manufactured homes |
| Newly acquired property | Business Contents |
| Real Estate Owned (REO) property | Commercial property |