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Summary

An insurance policy placed by a lender on a property when the owners' own fire insurance is cancelled, has lapsed or is deemed insufficient and the borrower does not secure a replacement policy. It allows the lender to protect its financial interest in the property.

Scope

Covers residential and commercial property for named perils or all risk physical damage coverage in the event a borrower has failed to maintain the required fire hazard insurance.

Brokers

Divisional Specialists

Property