Bankers Insurance Service, the leading provider of insurance for mortgage lending operations in the United States, has been innovating, serving, protecting and advising the mortgage lending and mortgage servicing communities for more than 65 years. In 1952, Bankers Insurance Service developed the Mortgage Bankers Bond (MBB) program in conjunction with the Mortgage Bankers Association.
Today, Bankers Insurance Service continually updates its program to keep up with changes in the industry. Bankers Insurance Service has developed a portfolio of custom insurance programs to meet the needs of the mortgage lending and mortgage servicing communities.
Its products include:
- Mortgage Bankers Bond (Fidelity Bond and E&O): The Mortgage Bankers Bond brings together the Fidelity Bond and Mortgagee’s Errors & Omissions (E&O) protection required by Freddie Mac, Fannie Mae, and other secondary market investors. Aggregate limits up to $50,000,000.
- Surety Bond: This is a state-mandated requirement that allows mortgage bankers and brokers to conduct business in a particular state.
- Professional Liability: Insurance that protects residential or commercial mortgage banking and employees when accused of negligence in performance of professional duties.
- Cyber Liability: Coverage and protection against data breach incidents.
- Directors & Officers (D&O) Liability: Liability insurance that protects individual directors and officers who are performing corporate duties for a mortgage banking firm against third-party lawsuits that arise from their role.
- Mortgage Impairment: Covers residential and commercial lenders’ and servicers’ mortgagee in mortgaged properties.
- Global Portfolio Protection Program: This program provices solutions for financial institutions that own and/or service mortgage loans
- Mortgage Investor Bond: Protects mortgage investors and warehouse lenders from dishonest and fraudulent conduct by mortgage bankers/brokers.
- Renewable Energy Loan Coverage: Protects from loss of mortgage interest in the collateral property due to an uninsured event.
To learn more about Bankers Insurance Service, click here.