Editor’s Note: Vendor’s Single Interest and Collateral Protection Insurance are both really long terms. For brevity, we’ll be referring to them as VSI and CPI throughout the article, except in certain headers. Plus, VSI is also known as Lender’s Single Interest, or LSI. We’ll use them interchangeably. So many acronyms,…
CPI or VSI…These Are Your Best Provider Options Does your institution love their CPI program? Maybe you’re all about blanket-coverage VSI. Either way, it has to be a great experience for all parties, while performing at or beyond expectations. And serving your mission dutifully. If that’s not the case, it’s…
Collateral Protection Insurance (CPI) is a valuable tool for financial institutions, protecting them against loss of a borrower’s collateral. “But Joe, the borrower has insurance for that situation. What’s CPI do, then?” Great question. While the loan terms require the borrower purchase and maintain physical damage insurance, do they always…
Uninsured collateral? You’ve got options. Hey, you booked an auto loan! That’s wonderful. I bet your financial institution requires insurance on this asset. And your loan agreement states it must be secured and maintained for the life of the loan, right? Why? Because the car is also the collateral. So…
