FNF Introduces UCCPlus Insurance Protection
May 30, 2002
Santa Barbara, California--Fidelity National Financial Inc launched a new insurance program that covers loans governed by the Uniform Commercial Code (UCC). UCCPlus Insurance Protection provides lenders with attachment, perfection and priority insurance and the opportunity to insure loans secured by non-real estate assets.
UCCPlus allows lenders to insure their commercial loans through the convenience of one-stop shopping with: Fidelity National Title Insurance Company, Fidelity National Title Insurance Company of New York, Chicago Title Insurance Company, Ticor Title Insurance Company, Alamo Title, Security Union Title Insurance Company, Fidelity National Insurance Services and Chicago Heritage Insurance Services.
Based in Chicago, the UCC Insurance Division offers new commercial loan insurance coverage valuable to those lenders and law firms specializing in Mezzanine Financing, Commercial Loan Work-Outs, Asset Based Lending, Portfolio Sales, Mergers and Acquisitions and Commercial Real Estate Transactions that include personal property (as defined by the UCC). Such "mixed-collateral loans" include hotels, hospitals and power generation plants.
UCCPlus also covers the cost of defense, provides indemnification and includes "Gap Coverage." It will be especially helpful to attorneys specializing in commercial finance as the coverage complements the traditional Legal Opinion. UCCPlus also includes basic UCC search and filing services.
"This is an exciting expansion of the FNF Family of Companies insurance product offerings," said Ed Burton, SVP and Regional Manager for the UCC Insurance Division. "Substantial Revisions to Article 9 of the UCC have made commercial lending more complex, and FNF now provides multi-jurisdictional compliance through an important new insurance product that offers lenders protection from defects in perfecting attachment and priority in the commercial loan origination process", added Ted Sprink, SVP and National Marketing Director for the UCC Insurance Division.
With an estimated annual commercial and industrial loan origination market exceeding $1 trillion by more than 12,000 lenders, it is anticipated that UCCPlus Insurance Protection represents an important new product to lenders and their legal representatives and to the marketing representatives of the various brands of the Fidelity National Financial family of companies.
Source: Fidelity National Financial, Inc.