VSI is a blanket vendor's single interest policy written to cover a lender's complete vehicle portfolio. It protects
against the risk to certain loan collateral where the borrower has failed to secure and maintain required insurance coverage. Key features include:
- Collateral Physical Damage - losses from theft or physical damage to repossessed collateral where teh borrower has failed to secure and maintain required insurance coverage;
- Confiscation - loss due to the lender's inability to repossess a vehicle because the vehicle has been confiscated by a government official or court and the vehicle cannot be released to the
- Skip - loss due to the lender's inability to reposses a vehicle because the lender cannot locate the borrower, co-borrower or collateral;
- Security Interest Non-Filing - loss due to the lender's inability to repossess a vehicle due to an inadvertent failure by the lender or government agency to protect the lender's interest;
- Conversion - loss due to the lender's inability to repossess a vehicle because of the transfer of ownership to an innocent third party
- Repossessed Property - loss due to damage or theft or collateral while in the care, custody and control of the lender after repossession has occurred.
VSI coverage is available for automobiles, light trucks, watercraft, recreational vehicles, personal property, farm equipment, motorcycles and mobile homes and other colateral types.