U.S. Structured Finance Newsletter: Collateral Protection Insurance in the Auto Industry
Collateral Protection Insurance (CPI), also known as creditor-placed, lender-placed or force-placed insurance, is an insurance policy placed by a lender or bank on an asset when the borrower lacks the necessary insurance coverage (due to cancellation, lapse or insufficient coverage) and the borrower has not secured an appropriate replacement policy. Historically, this type of collateral protection policy has been prevalent in residential mortgage agreements, but is sometimes present in loan financings for other asset classes, such as auto loans.
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