What is Proof of Insurance?
Proof of insurance for collateral is required for many types of transactions and contracts, including business loans. Apply Below for financing that do not require proof and has flexible features.
Call 919-771-4177 for more info.
A business owner is approved for a working capital request. One of the requirements for closing is to show comprehensive insurance. For companies without insurance on collateral, consider other programs that do not require it.
What can you do if you cannot show Proof?
Consider low cost programs to show the insurance you need. This is probably the best option for example when you need to get business funds soon and are already approved.
Get a different type of funding for which you may not need to show full casualty Insurance, including a Bank Statement Loan, an Accounts Receivables financing, and also money based on listed stocks.
Why is Insurance needed and can it be waived?
If a policy is needed to complete a Transaction, it will not likely be waived because the Lender needs collateral insurance.
It policy covers the replacement cost of the Asset and the Lender may be approving it based on the asset. The Lenders needs proof of a policy because if the Collateral is damaged, a total loss or stolen, the Lender cannot recoup their losses. If the Lender cannot get this, they probably would not have issued an approval.
So if you cannot get and afford full coverage, you can also look at other options.
The following are frequent requests and statements:
– I do not have full insurance on my Collateral.
– My collateral does not have a policy on it.
– We are looking for a business loan without casualty coverage.