Policy Management & Invoicing
In the event that the borrower is unsuccessful in obtaining insurance prior to the cancellation of
the existing policy, the Miniter-CVP program is designed to ensure that there is no lapse in
collateral coverage to the lender/lessor. On the cancellation date of the existing borrower policy,
lender placed insurance will automatically be placed by the system. Outbound letters and phone
calls will continue for the next 45 days in an attempt to persuade the borrower to obtain their own
insurance. Once the borrower obtains insurance and the policy information is entered into the
system, the lender placed coverage will be immediately cancelled. The lender will be billed only if
a borrower insurance lapse occurred.
Premium Invoicing
The Miniter-CVP insurance policy is a limited dual interest policy that remains in effect until
cancelled. The lender has two invoicing options. The lender can be invoiced for the annual policy
premium, or monthly premium billing can be invoiced. Monthly invoices are based on a net
calculation of new premium and cancelled premium refunds. Invoices are prepared on the first of
the following month and can be printed directly from the web site. Invoice payment is due by the
10th of the month (10 days net).
