Apparatus and method for providing collateral construction loan insurance coverage
Number of patents in Portfolio can not be more than 2000
United States of America Patent
Stats
-
May 22, 2001
Grant Date -
N/A
app pub date -
Mar 3, 2000
filing date -
Jun 2, 1999
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
A centralized automated apparatus for lending institutions to initiate, report and confirm insurance coverage on buildings used as collateral for construction loans under a single builder's risk policy provided by an insurance provider with the lending institution named as the named insured and the borrower/builder named as additional insured. Coverage rates are computed for construction loans added to the system by the lending institution using rate information provided by the insurance provider. Premium payments are transferred from the lending institution to the insurance provider for active loans from escrowed construction loan proceeds. The apparatus provides management reports for the lending institution and the insurance provider of new loans, active loans, funds transfers for reconcilation, premium payments and repayments for closed loans, and loss evaluations. A method of centrally providing collateral coverage for construction loans from a lending institution to builders under a single policy from an insurance provider is disclosed.
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Family
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Cited Art Landscape
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