If you finance or lease commercial vehicles, a well-run vehicle insurance program is a necessity to safeguard your assets in the event your customers allow their insurance coverage to cancel or expire. The Collateral Protection Insurance (CPI) Program delivers comprehensive insurance tracking, asset protection, and additional fee income.
The CPI Program is underwritten by Assurant, Inc., a global provider of risk management solutions with eighty years of experience. A Fortune 500 company, Assurant is rated "A" by A.M. Best and Company. The CPI Program provides coverage for physical damage and theft on financed and leased commercial vehicles, from pickup trucks to tractor-trailers, classification 1 through 8. Liability coverage is also provided on leases to protect lessors of vehicles against third-party claims or judgements.
In the CPI Program, ALI tracks evidence of coverage through the entire term of each and every agreement to verify that each vehicle is protected. If a customer's coverage expires or is cancelled, CPI coverage immediately goes into effect. It also initiates a 60-day communication process with the customer's agent and the customer to obtain evidence of coverage. If, after 60 days, evidence of coverage is not received, data is transmitted to your system for debiting of CPI charges. Should the customer renew or obtain new coverage at any time, CPI is canceled, and charges are refunded.
The CPI Program is effective and effortless. Integrated with your own accounting software, it is powered by Integrity, ALI's lease-insurance software, which operates on secure data transfers scheduled according to your billing cycles. You have full access to all records of insurance on your assets at any time. In the event of a loss, ALI claims staff guide customers through a claims adjusting process to ensure swift resolution.
You receive an administrative fee for each CPI charge debited and collected. Fee income typically offsets the charges for insurance tracking on your portfolio.
The CPI Program ensures that every commercial vehicle in your portfolio is insured. It's a simple solution to the challenge of uninsured vehicles. ALI also delivers stand-alone insurance tracking without CPI coverage.