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Bank Owned & Forced Placed Insurance

Forced Placed and Bank Owned Insurance Program

Madison Avenue Insurance Group, Inc. offers “Forced Placed” and “Real Estate Owned” insurance programs for the needs of today’s banks and mortgage companies.

The program features a variety of coverage and deductible options, custom property and general liability forms, convenient monthly reporting, and a wide range of schedules.

This program is written though the carrier Berkshire Hathaway Home State Companies. They are rated A++ by A.M. Best and AAA by Standard and Poor’s.

Program Advantages

1 Master Policy for Forced Placed Residential
1 Master Policy for Bank Owned Residential
1 Master Policy for Commercial Real Estate

Monthly Reporting for Each Policy
1 Monthly Bill for Each Policy
1 Agent, 1 Account Representative

Features and Guidelines

Deductibles per location 1,000-$10,000 options
Building Coverages for Loan Value, not Replacement Cost
Simple Monthly Reporting
Simple Monthly Billing
Lenders Liability Limit for Forced Placed
Commercial & Residential Properties
Vandalism & Malicious Mischief Available
$1MM per Location for Residential
(higher limits with pre-approval)
Mobile Homes-Incidental Only
Named Insured Must be a Bank
Utilities Must be Maintained
Monthly Inspection for Vacant Dwellings
Deductibles 1,000-10,000+ per Location