Property insurance helps protect collateral tied to loans. Users can track key details like premiums, policy numbers, carriers, and coverage dates. The features states expiration dates and sends automatic alerts to administrators when policies are about to expire. This ensures continuous protection for both the property and the loan investment against unexpected damages.
The procedure for adding a loan insurance is as follows:
Open loan details page.
In loan details page, click Collateral tab.
The Collateral section displays.
Under Insurance section, click Add Insurance.
The Add New Insurance dialog displays.
In Add New Insurance dialog, specify the following parameters.
Policy Number
Premium (The monthly insurance premium payments)
Effective (The date the policy kicks in)
Expiration (Expiration date of the policy)
Carrier (The insurance company)
Type (The type of insurance e.g. Property, Condo Liability, etc)
Insured Name (The name of the person/company that is insured)
Coverage Amount (The amount the insured person/company is covered for)
Mortgagee (The person who has taken out the mortgage on the property)
Insurance agent (The agent/company that has brokered the insurance)
A user can also add a new insurance agent as as a vendor.
Click Save.
The insurance adds.
6. To Edit or Delete an existing insurance, a user can click on Edit or Delete in the top right of the section.