CPI is a single or dual interest collateral protection program for lenders. It protects
lenders against loss on automobiles or other personal property pledged as collateral,
in cases where the borrower has failed to secure or maintain required insurance
coverage. Through endorsement, the entire portfolio of loans is covered by CPI.
- Collateral Physical Damage – losses from theft or physical damage to repossessed
collateral where the borrower has failed to secure and maintain required insurance
- Waiver of Repossession – waives the requirement for the lender to repossess the
collateral to submit a claim creating a dual interest program.
- Actual Cash Value Waiver – increases the claim payment for total losses to be the
loan balance rather than the Actual Cash Value of the vehicle.
- Pro-Rata Coverage – allows return premium for cancellations to be calculated on
a pro-rata basis.
OIC Lender Services offers two policies, the first incorporates the most common
types of endorsements into the policy and the second allows you flexibility to choose
only the endorsements that fit your business needs.