Sompo policy offers mortgage lenders protectionPosted On: Feb. 5, 2019 1:18 PM CST
Sompo Global Risk Solutions will offer specialized property and liability protection to U.S. banks and lending institutions for their mortgage loan portfolios, parent Sompo International Holdings Ltd., a Bermuda-based specialty provider of property/casualty insurance and reinsurance, said in a statement Tuesday.
The Sompo GRS policy offers mortgage lenders protection from exposures created by impaired mortgages, particularly in the event of uninsured or underinsured damage to the associated properties, the statement said.
Targeting banks, mortgage companies, credit unions, finance companies and insurance companies, the policy also offers coverage for exposures resulting from errors and omissions associated with their role in servicing mortgages, the statement said.
“The launch of our new mortgagee protection product expands the breadth of P&C products we offer to financial institutions,” Nelson Telemaco, senior vice president and financial institutions property/casualty leader for Sompo GRS, said in the statement.