Introduction to Insurance Gaps Insurance gaps refer to the disparities or inadequacies in coverage that leave individuals and businesses vulnerable to financial risks. These gaps can manifest in various forms, including insufficient coverage for specific types of damage or events, exclusions in policy terms, or failure to update policies as assets and liabilities change. They … Read more
Introduction to Insurance Gaps and Asset Exposure Insurance gaps and asset exposure are critical concepts in risk management that affect both individuals and businesses, particularly in New Jersey. An insurance gap occurs when there is insufficient coverage to protect against potential risks. This phenomenon can stem from various causes, including incomplete policies, outdated values, or … Read more
Introduction to Force-Placed Insurance Force-placed insurance, often referred to as lender-placed insurance, is a type of insurance policy that a lender obtains on behalf of a borrower, typically when the borrower fails to maintain adequate property insurance coverage. This practice arises primarily in the context of mortgage agreements, where the lender requires the borrower to … Read more
Introduction to Force-Placed Insurance Force-placed insurance, also known as lender-placed insurance, is a type of coverage that mortgage lenders obtain on behalf of borrowers who do not maintain an adequate homeowner’s insurance policy. This practice is critical in the realm of mortgage lending, as it helps protect the lender’s financial investment in the property. The … Read more