REO Alliance to Offer Its First Insurance Product

All Risks Ltd. has joined the REO Asset Alliance and it plans to help the partnership offer its first insurance product. All Risks, a wholesale brokerage firm based in Hunt Valley, Md., joins the initial five Alliance partners - Avalar Network, Inc., DDN Services, ECJ Asset Management, TrustTitle and TT Lender Solutions. Through its membership in the REO Asset Alliance the firm will make its customizable "REO and Lender Placed Insurance Program" available to lenders and investors with REO property holdings. The program combines property and liability insurance for residential dwellings, manufactured homes, commercial property and vacant land. The program also provides web-based administration, enabling policyholders to monitor their coverage amounts, run their own monthly reports, apply daily prorated premiums and delete properties when they are sold in a timely manner to help contain costs. According to Tom Elder, financial institutions underwriter at AllRisks, timely portfolio management can reduce a lender's insurance costs by 20% and in some cases by as much as 50%. All Risks insures commercial banks, credit unions, savings and loans, mortgage banks, and financial institutions that service and/or invest in mortgages. The alliance is a collaborative effort to help lenders and investors manage and maximize the value of their distressed real property assets.