Overview
Creditor Placed Insurance, also commonly known as Lender-Placed Insurance or Force-Placed Insurance, is an insurance policy taken out by the lender or creditor on a property or vehicle that the borrower fails to sufficiently insure in accordance to the terms of a loan agreement.
Purpose
The main purpose of CPI is to protect the creditor’s interest in the collateral secured against the loan. In the event that the borrower’s insurance lapses, falls short in coverage, or is otherwise inadequate, the creditor has the legal right to purchase an insurance policy on the borrower’s behalf to maintain protection against potential losses, such as damages from fire, theft, or collision. This is vital as such losses can significantly impair the creditor’s ability to recover the loaned amount.
Creditor Placed Insurance Categories:
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