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Loan Insurance Requirements

 

Did you know that Florida Hospital Credit Union requires all insurable collateralized loans with balances of $5000 or greater to carry full coverage (physical damage, comprehensive. and collision) insurance. The insurance must stay in effect throughout the full term of the loan. In the event the insurance coverage of the collateral has been cancelled or has lapsed, Collateral Protection Insurance may be purchased by the Credit Union at the borrower’s expense. Be sure to always keep Florida Hospital Credit Union as the first lien holder on the vehicle whenever modifying or changing your insurance coverage. This will help keep the Credit Union notified of your coverage.

 

If you have recently changed insurance or modified your coverage and forgot to place us as the lien holder, you may have or will soon receive a letter from our Insurance Service Center (Allied Solutions). Allied Solutions is a third party vendor partnered with us to keep track of all insurable collateralized loans. If you have received this letter then we do not have proof of your insurance. There are multiple ways of providing proof of insurance to avoid having Collateral Protecting Insurance purchased at your expense.

 

First verify your insurance policy includes:

 

· Florida Hospital Credit Union, control #2251, as Lien holder/Loss Payee 115 Boston Ave #2400, Altamonte Springs, Fl 32701.

· Comprehensive and Collision coverage with deductibles not to exceed $500.

· Collateral must match collateral on the loan documents.

 

Once your policy is updated with all of the required information you can then submit your proof in the following ways.

 

· Send a copy of your current insurance policy to us at 115 Boston Ave #2400, Altamonte Springs, Fl 32701.

· Have your agent call (800) 523-6404 to provide the necessary insurance information

· Visit www.myinsuranceinfo.com. This link will open a new page outside of Florida Hospital Credit Union‘s web site.

 

For your convenience Allied Solutions has created a step by step manual for www.myinsuranceinfo.com. Please click on the below attachment to access the manual. This will guide you from beginning to end and help ensure your proof of insurance is received.

 

 

 

 

 

 

 

By clicking any of the above links be aware of the following: You are requesting a document that is external to Florida Hospital Credit Union's World Wide Web site. To assist members in accessing information not maintained on our site, Florida Hospital Credit Union provides links to other Internet addresses. Be advised that: 1. By clicking on any link to other Internet addresses, you are leaving the Florida Hospital Credit Union web site; 2. You are linking to an alternate web site not operated by Florida Hospital Credit Union; 3. Florida Hospital Credit Union is not responsible for the content of the alternate web site; 4. Florida Hospital Credit Union does not represent either the third party or the member if the two parties enter into a transaction; 5. Privacy and security policies may differ from those practiced by Florida Hospital Credit Union.



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