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Home>CORRECTING and REPLACING FundingShield Announces Partnership With Pioneer Underwriters and NFP Corporation

CORRECTING and REPLACING FundingShield Announces Partnership With Pioneer Underwriters and NFP Corporation

CORRECTING and REPLACING FundingShield Announces Partnership With Pioneer Underwriters and NFP Corporation

10/07/2017

CORRECTING and REPLACING FundingShield Announces Partnership With Pioneer Underwriters and NFP Corporation

Please note replacement of NFP boilerplate in release issued Sept. 25, 2017. Also, please note added contact information for NFP.

The corrected release reads:

FUNDINGSHIELD ANNOUNCES PARTNERSHIP WITH PIONEER UNDERWRITERS AND NFP CORPORATION

FundingShield is proud to announce its partnership with Pioneer Underwriters (U.K.) and NFP Corporation (a global top insurance brokerage) in deploying FundingShield’s technology based underwriting services allowing for enhanced crimes policies for New York state attorneys.

FundingShield was able to leverage its vast data from over $500 billion of mortgage closings that identify closing party document deficiencies, control gaps or potential fraud tactics used by closing agents and attorneys to develop the framework to approve attorneys seeking enhanced coverage. The “FundingShield Endorsement” policy specifically covers theft of clients funds by partners and the policy does not have carve outs for physical asset loss only (such as office equipment, machinery etc.), or currency loss only (actual cash deposited in a vault) or narrowly covering only employees versus the partners who have bank account signatory control. All these policy limitations were the only offerings in the market which left clients such as mortgage lenders and other corporations that must use attorney trust accounts as a settlement or transaction mechanism exposed to the risk of theft by a trusted attorney stealing funds.

FundingShield offered Pioneer and NFP its technology based underwriting systems that leverage millions of data points, transaction and historical information to quickly create a risk profile that can feed an insurance underwriter’s approval criteria. This automation allows the underwriter and insurance company to quickly scope and scale an insurance program large enough to offer competitive pricing for a broadened coverage that narrowly covers theft of funds and protects lenders from attorney theft.

“FundingShield’s joint effort with insurance power players Pioneer underwriters out of the UK and NFP Insurance brokers in the U.S. demonstrates our ability to deploy multi industry solution and affirms our commitment to serving mortgage lenders, corporations and individuals that must use third party services. This particular effort allows New York state market participants that must leverage attorney trust accounts to manage risk and exposure during transactions to have enhanced and applicable protection for the risk of Theft of Client Funds,” shared Ike Suri CEO & Chairman of FundingShield.

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