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Apparatus and method for providing collateral construction loan insurance coverage

  • US 6,236,973 B1
  • Filed: 03/03/2000
  • Issued: 05/22/2001
  • Est. Priority Date: 06/02/1999
  • Status: Expired due to Fees
First Claim
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1. An apparatus for initiating, maintaining, and reporting collateral loan insurance for construction loans made by a lending institution to at least one construction contractor, comprising:

  • a central electronic complex maintaining a database of collateral insurance provided by an insurance carrier under a single builder'"'"'s risk policy for a plurality of construction loans originated by a lending institution for projects constructed by one or more builder;

    insurance carrier communication means for accessing the electronic complex to provide insurance rate information and to obtain reports about collateral insurance for the construction loans;

    lending institution communication means for accessing the electronic complex to initiate, maintain, and report on collateral insurance for construction loans provided by the lending institution to the builders under the single builder'"'"'s risk policy; and

    reporting means for reporting to the insurance carrier and to the lending institution information about the collateral insurance.

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