WHAT IS COLLATERAL PROTECTION INSURANCE?
Collateral Protection Insurance (CPI) insures property held as collateral for credit agreements, loans, and leases against physical damage. It does not cover bodily injury, no-fault, or liability insurance, and it does not meet any state financial responsibility requirements.
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Also known as force-placed insurance or lender-placed insurance, CPI protects the creditor's interest in the collateral from physical damage and unrecovered theft. This type of insurance is typically purchased by lenders when borrowers fail to maintain their own insurance on the collateral, ensuring the lender's financial interest is safeguarded.
CLAIM INSTRUCTIONS
HELPFUL HINTS
Here are some tips on how to make the claims process easy and efficient.
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1. Have your police report and pictures of the damaged car ready:
These documents are essential for processing your claim efficiently.
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2. Complete all applicable fields on the form:
Ensure every relevant section is filled out to avoid delays.
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3. Send the claim as soon as possible:
Prompt submission helps expedite the process.
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4. Complete a separate form for each claim:
If you have multiple claims, submit each one individually for better tracking and processing.
SUBMIT YOUR CLAIM
We recommend submitting claims through the FYBA Reinsurance website whenever possible. Accessible on most smartphones, tablets, and computers, the website allows you to quickly and easily submit claims. You can upload your police report and car details using convenient online forms, and even send pictures of your vehicle via SMS—all with just a few clicks.
If you’re unable to access the FYBA Reinsurance website, please contact us at (786) 284-1190.