VSI
Vendor Single Interest
GAP
Guaranteed Auto Protection
CPI
Creditor Placed Insurance
EPD
Equipment Physical Damage
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.
VSI coverage is available for automobiles, light trucks, watercraft, recreational vehicles, personal property, farm equipment, motorcycles and mobile homes and other collateral types.
Collateral Physical Damage
Losses from theft or physical damage to repossessed collateral where the 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 lender.
Skip
Loss due to the lender’s inability to repossess 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 a government agency to protect the lender’s interest.
Conversion
Loss due to the lender’s inability to repossess a vehicle because the transfer of ownership to an innocent third party.
Repossessed Property
Loss due to damage or theft of collateral while in the care, custody and control of the lender after repossession has occurred.