Bakerjian Insurance Services (BIS) says ProSight Specialty Insurance has partnered with the agency as the exclusive carrier for its recently launched Lenders Misrepresentation Insurance (LMI). ProSight is a specialty property and casualty insurer that provides risk-management solutions through exclusive distribution partners.
‘We're proud to be able to team up with ProSight,’ says Stephen Bakerjian, president and CEO of BIS and originator of the LMI program. ‘To have a domestic, A-rated carrier gives us a real competitive advantage in the marketplace. And it gives our clients the deep capital strength and stability they need for their own financial peace of mind.’
BIS says the LMI product protects mortgage lenders from the damage that can result from loans being put back by their investors if material financial misrepresentation is found in a borrower's loan file.