WNC Insurance Services, Inc. – Lender Placed Property Insurance

In today’s increasingly complex financial and regulatory environment, you need peace of mind that your bank’s portfolio is protected every step of the way. That’s why at WNC Insurance Services, we provide the trusted and comprehensive lender-placed insurance solutions that thousands of banks nationwide rely on to safeguard their loans from potential uninsured losses.

As a leading property and casualty underwriting agency, we help you manage your bank’s risks through a broad portfolio of specialty risk management solutions that require collaboration, imagination, innovation and the highest caliber of customer service. Backed by more than 50 years of experience and the financial strength of our parent company Tokio Marine Kiln, one of the largest managing agents in the Lloyd’s insurance market, we strive to deliver the products and services that make it easier for you to manage and protect your portfolio, and keep your bank running strong.

For banks and financial institutions like yours, we offer:

Flood, Multi-Peril and Hazard Insurance
WNC’s quick-issue lender-placed flood and multi-peril or hazard insurance provide the coverage and benefits that matter most to you, including:

  • Immediate coverage – no waiting period.
  • Support to ensure full compliance to federal and state regulatory requirements.
  • Flexible Consumer Financial Protection Bureau (CFPB) compliance borrower notification letter cycle.
  • No co-insurance penalty.
  • Ability to backdate coverage up to 30 days.
  • Deficiency coverage when a borrower’s policy does not have the right amount of insurance.
  • Automatic coverage renewal.
  • Fast and efficient claim management by WNC’s wholly owned and operated claims administrator to ensure claims are handled promptly, professionally and accurately.

Collateral Protection Insurance
Our easy-to-use lender-placed collateral protection insurance (CPI) secures your interests by helping your borrowers protect theirs. Our program protects the auto loan collateral by providing coverage for your borrowers who find it difficult to obtain insurance protection. For borrowers whose coverage has canceled, lapsed or expired, it ensures protection against an uninsured loss. It’s a win-win solution to managing risk and increasing or retaining business. The coverage provides:

  • Continuous protection for all-risk physical damage, waiver of repossession, confiscation, conversion (skip) and insufficient insurance.
  • A full range of administrative and support services that include inception-to-date insurance data capture and management, borrower notifications, exposure reporting, coverage placement, inbound/outbound calling and more.

Insurance Tracking
Reduce your costs, manage your exposures and ensure compliance with WNC’s full-outsourced insurance tracking. The service:

  • Identifies exposures per loan and per collateral.
  • Sends borrower notices of insurance requirements.
  • Provides responses to your borrowers’ insurance questions through our highly trained and knowledgeable customer service professionals.
  • Automatically places coverage if no proof of insurance is received within the period you allow.
  • Provides a secure, online system to view insurance history, documents, notices and claims. 

For more information, contact WNC’s Sheri Kordsmeier, Senior Vice President, Partnership Development Team, Financial Services Division, at 214-647-8870 or skordsmeier@wncfirst.com. To learn more about WNC’s broad capabilities and innovative solutions, visit www.WNCInsuranceServices.com .

NYBA members can also contact the Insurance and Member Services Division at 800-522-5607 or gkananis@nyba.com.