Clock IconMonday – Friday, 8 a.m. – 5 p.m.

Phone Icon (816) 333-0370

Coverage That Prevents Loan Losses

Lending money to customers who want to buy vehicles is rewarding, but it comes with the potential for losses if people are delinquent with payments. R. G. Courter & Co. works with auto loan lenders in Colorado, Missouri, Nebraska, Kansas, Wyoming & Iowa. Rely on us for coverage that helps you avoid losses due to uninsured collateral.

Collateral Protection Insurance (CPI)

CPI provides insurance for those customers not furnishing their own insurance policy. Typically, the financial institution contacts their customer with a series of Notices to Provide Insurance, stressing the customer to contact their own insurance agent. The notice does stipulate if the customer fails to respond, insurance will be added to their loan, the actual cost of this insurance, and the fact this insurance does not comply with the Financial Responsibility Laws.

It is not necessary for the loan to be past due or for the collateral to be repossessed, because your customer pays for this insurance and they have physical damage coverage. Every vehicle that is repaired for the customer, in lieu of repossession, means a customer preserved for the lender.

The Collateral Protection Program is customized to the individual lender's requirements. The timetable for the Notices to Provide Insurance is determined by the lender as well as the time allowed the customer to provide insurance before an actual policy is charged to their loan.

We provide the Notices to Provide Insurance and these Notices are approved by the State. All insurance documents are retained with the lender in the individual loan files.

Our program is designed to provide complete service and protect the lender against losses due to uninsured collateral. It relieves the customer from having to pay on a loan for extended periods of time, after having wrecked the collateral or had it stolen. There is no charge for the customers who provided their own insurance.

Customer relations are our most important consideration. We have placed safeguards in our system to ensure the lender maintains quality relations with valued customers.

Insurance Coverage

All Risk Physical Damage
Direct, sudden, and accidental loss to the insured property caused by an external source except as excluded by the Master Policy.

Mechanics Lien Expense*
Coverage includes reimbursement up to $500 for the additional expense incurred in taking possession of the insured property as a result of a Mechanics Lien. A certificate of insurance must be in effect at the time of the loss.

Repossession and Return Expense*
Reimbursement up to $500 for the additional expense incurred with the repossession of the insured property. A certificate of insurance must be in effect at the time of the loss and someone other than the lender's employees must perform repossession.

Repossessed Property*
Any insured property has coverage for 60 days after repossession.

Repossession Storage Expense*
Reimbursement up to a maximum of $15.00 per day for a total of 40 days for the additional expense incurred with the storage expense against repossessed property. A certificate of insurance must be in effect at the time of the loss.

Special Settlement Option
The customer has insurance coverage; it is not necessary to repossess the insured property or for the account to be past due for coverage to be afforded.

Errors and Omissions
In the event the insurance on any eligible property is not procured because of an inadvertent error or oversight, coverage shall be provided according to the terms and conditions of the Master Policy.

Worldwide Coverage
Limited coverage is extended to insured property within the territory of any country in the world, which has established international agreement with the United States covering the recovery of any property from their country.

Optional Coverage:

  • Instrument Non-Filing
  • Premium Coverage
  • Conversion
  • Skip Standard
  • Skip Broad Form

* The limits on mechanics lien expense, repossessed and return expense, repossessed property, and repossession storage expense can be increased in consideration for additional premium.