A recent edition of the online Insurance Journal features this ad for insurance coverage which replaces force-placed insurance; it encourages insurance agents to offer this insurance ‘product’ instead: “Insurance Product to Replace Force Placed” advertised by MyNewMarkets.com. (When I clicked the link you will find there, www.noforceplaced.com, an Error 404 message appeared on my screen the first time I clicked on it, and that was followed by a list of alternative websites the second and following times I clicked on that link. But still. The main point here is that there may be an alternative insurance vehicle that agents can offer their customers -- in this case, the lenders and those that take their standing from them.)
Question: Will the offering of this new insurance product also replace the practices associated with lender force-placed insurance including the alleged unauthorized placements of charges hidden in the premiums paid by the borrowers for this insurance?
Please Read The Disclaimer. ©2015 by Dennis J. Wall, author of “Lender Force-Placed Insurance Practices” (American Bar Association 2015). All Rights Reserved.