LAKEWOOD RANCH, Fla. – F∙A∙I∙R has partnered with KISS Concepts Group to release the Complete Asset Protection (CAP) program – a first-of-its-kind, all-inclusive insurance program to protect the collateral of auto finance companies, banks, credit unions, buy-here-pay-here dealers, lease-here-pay-here dealers, and related finance and lease companies.
The CAP program is one of several unique insurance offerings to be released this year, resulting from a strategic Master Agent Private Label Agreement between F∙A∙I∙R and KISS Concepts Group. The two companies are building a platform of insurance programs tailored specifically for auto-related audiences.
“One of the biggest challenges every auto finance company faces is finding affordable, easy-to-implement ways to minimize their normal everyday losses, catastrophic losses and other unique risk exposures that occur in protecting their collateral and profit. The CAP program offers exactly that,” said Rick Mims, CEO of F∙A∙I∙R (Finance And Insurance Resources). “For even more peace of mind, the entire policy is backed by Certain Underwriters at Lloyd’s of London, one of the largest specialty insurance providers in the world with underwriting capacity in excess of $31 billion.”
Rod Heasley, President and Chief Relationships Officer of KISS (Keep It Simple Successfully) Concepts Group, who partnered with F∙A∙I∙R to develop the CAP program, says the policy offers dealers and lenders a one-stop shop to insure their collateral investment. “Clients now have the convenience of combining multiple insurance coverages into a single policy. That means only one claim form and one point of contact,” he said. “In addition to expanding coverage, CAP streamlines the dreaded ‘paperwork overload’ from dealing with multiple insurance agencies, thus adhering to our philosophy of keeping it simple.”
CAP includes the following coverage for both loans and leases, combined into one policy:
1) Guaranteed Asset Protection (GAP) – This coverage protects both lenders and borrowers, so it can be presented during the sales process as a value-add to the car buyer.
2) Lender’s Single Interest – If the consumer stops making payments, the lender’s investment is covered against many perils without the cost of having to track insurance.
3) Skip – If the lender cannot locate the borrower, co-borrower or the vehicle, the lender’s investment is covered.
4) Physical Damage and Theft – If the vehicle is damaged or stolen before, during or after repossession (and the consumer’s insurance has lapsed), the lender’s investment is covered.
5) Title Errors and Omissions – If the insured party or the state makes an error or omission in the processing of the loan or title work that causes a loss, the insured party is covered.
6) Confiscation and Seizure – If the vehicle is impounded or seized by police or a public/government/federal office or officer, the lender’s investment is covered.
7) Terrorism – If the vehicle is damaged during an act of terrorism, the lender’s investment is covered.
8) 24-Hour Roadside Assistance – This coverage benefits both the borrower and lender and includes sign-and-drive coverage for items such as towing assistance, flat tire assistance, emergency fluid delivery, lockout assistance, battery service, rental car discounts and more.
CAP policies may be applied to new and/or existing loan portfolios. Coverages within the policy may be customized, mixed and matched depending on the insured party’s needs and preference.
For more information, contact KISS Concepts Group at (844) 857-0869.
