Mortgage Impairment

In-house Lloyd’s facilities protecting lending institutions against borrower insurance failure across residential and commercial mortgage portfolios.

Harman Kemp has in-house specialist facilities placed with certain Underwriters at Lloyd’s, rated A+ (Superior) by A.M. Best and AA– (Very Strong) by S&P Global, offering all types of lending institutions All Risks coverage for their mortgaged and repossessed property portfolios. The facilities are fully flexible, allowing us to offer bespoke policies individually tailored to the particular needs of each lending institution.

Facility Limit

USD 50,000,000 (or currency equivalent) — higher limits available on request

In-House Authority

Portfolios up to USD 1.5 billion

Quotation Turnaround

24 to 48 hours for majority of risks

Perils

Broad All Risks including flood and earthquake (California earthquake available if required)

Market Experience

Over 20 years in the class; Lloyd’s coverage written continuously since 1958

What Mortgage Impairment Covers

Mortgage Impairment coverage protects lending institutions engaged in the granting of mortgages secured by real property, both residential and commercial. Coverage responds when a physical loss from an insured peril occurs to the property collateralising a loan, the borrower’s insurance fails to respond, is found to be inadequate or non-existent, and the loan is in default.

Coverage is available to any institution including commercial banks, savings banks, savings and loans, credit unions, mortgage bankers, and life companies.

Coverage Highlights

Broad All Risks wording including flood and earthquake
Earthquake in California can be included if required
Facility Limit of USD 50,000,000 (or currency equivalent)
Higher limits available on request
In-house authority for institutions with mortgage portfolios up to USD 1.5 billion, with 24 to 48 hour quotation turnaround for the majority of risks
Over 20 years’ experience in the class
Coverage written continuously by Lloyd’s since 1958