Location: Devils Lake, ND
Western Finance & Lease (Western) has realized a significant marketing benefit with the American Lease Insurance (ALI) Program. "We already had an efficient funding process, so we were always 'quick,' states Western Finance & Lease President Laurie Bakke, "but now with one less step we almost always deliver same-day funding." The ALI Program eliminates the need to obtain insurance verification as it provides complete portfolio coverage on all eligible assets automatically from contract signing to final payoff or termination. "Most importantly, we know that our portfolio is protected," adds Bakke.
Steve Dinkelaker, ALI president, remarks, "We are very pleased to be able to provide a program that delivers security to Western at an attractive 'group' cost to their customers. Enabling Western to fund faster is an additional benefit they realize through working with us."
According to Bakke, it's a first-rate match. "ALI is an excellent insurance partner, well-respected for good reason. I rely on Steve as an expert in insurance, and his entire group is knowledgeable, dependable and extremely responsive. They trained our staff, and ensured seamless implementation." Prior to introducing ALI to Western, Bakke had worked with ALI for ten years, and had been impressed with ALI's attention to customer needs, including immediate response to losses resulting in timely processing of claims.
Underwritten by an insurer rated "A+" by A.M. Best and Company, the ALI Program provides full replacement cost coverage with no deductible, more comprehensive coverage than offered by typical commercial equipment policies. It also tracks alternate coverage arranged by customers, allowing them to use ALI Program coverage at expiration or cancellation of other coverage, rather than renewing or reinstating it. Customers who use ALI Program coverage benefit from the competitive "group" cost and convenience of monthly insurance charges that are fixed for the entire contract term. The ALI Program is completely automated and offers financing and leasing companies 24/7 access to insurance information.
American Lease Insurance Agency Corporation provides comprehensive insurance programs to more than 25 equipment finance and leasing companies. Founded in 2000 by licensed insurance producer Steve Dinkelaker, ALI is headquartered in Sunderland, Massachusetts, and is an active member of all major equipment financing and leasing associations. For more information, go to www.aliac.net.
Western Finance & Lease is a national commercial equipment finance company that provides both lease and conventional finance options for new and used equipment. Established in 1990 in Devils Lake, North Dakota, Western Finance & Lease is a subsidiary of Western State Bank, established in 1901. Western State Agency, the employee-owned parent company of Western Finance & Lease and Western State Bank, is one of North Dakota's largest community financial institutions with $405 million in total assets.