State National GAP – Undeniably Better

Guaranteed Asset Protection (GAP) has always been an important component of a comprehensive risk mitigation solution for auto lenders — and in today's economy, it has become even more critical. Without GAP protecting a lender's collateralized loans, borrowers are still responsible for any deficiency balance in the event of a total loss. Francine Gagliano, Director of Client Services at State National, shares how a high-quality GAP program protects these borrowers and also protects financial institutions from charge-offs.

TO OUR VALUED BUSINESS PARTNERS, In these trying and uncertain circumstances, providing you with a premium client experience involves, first and foremost, caring for your health and safety and the health and safety of your family and your staff. As we all cope with the changes and uncertainty surrounding the current Coronavirus/COVID-19 pandemic, we are committed to keeping you informed about the steps we are taking for business continuity and to protect your well-being and the well-being of our employees and their families. Out of an abundance of caution we are limiting in-person business interactions and conducting business electronically whenever possible. We are following current company guidance from our parent company, Markel, which specifies limiting corporate travel, limiting face-to-face service visits or sales calls, and canceling or rescheduling company social events. However, we know that now you need our protection from risk more than ever, and we are fully committed to ensuring your business needs are taken care of. We will continue to work tirelessly to keep your program running seamlessly and without disruption. In the best of times, we made our commitment to technology, AI, and digital delivery a priority because of ease of use and superior experience. Today, those investments mean that we can deliver our solutions to you flawlessly, even in a fully digital environment. Rest assured that State National has always had a comprehensive business continuity plan - including a specific Pandemic Preparedness Plan - in place, and we expect no disruptions to our technology or our business processes. This plan includes: Increase frequency and thoroughness of sanitation efforts An appropriate balance of work-from-home and distributed workforce to allow adequate social distancing Reviewing of critical vendor plans for continuity of service We care deeply about the safety of our clients and those they care about, and doing what's best for you is integral to how we operate as a company - in every situation, including this extraordinary one. If there is anything we can do to help you as your institution copes with current circumstances, please do not hesitate to reach out to your Account Representative, Client Executive, State National Director, or to me personally. We stand behind you and are ready to help. As you know, this is a dynamic situation that is evolving quickly. We will keep you updated on any changes or new developments. Please do everything you can to stay safe and healthy, and know that we are here for you. About State National Companies State National Companies, Inc. is a leading specialty provider of property and casualty insurance services operating in two niche markets across the United States. In its Lender Services segment, the Company specializes in providing portfolio protection solutions that insure autos, mortgages, and other collateral for loans made by credit unions, banks, and specialty finance companies. In its Program Services segment, the Company leverages its "A" (Excellent) A.M. Best rating, expansive licenses, and trusted reputation to provide access to the U.S. property and casualty insurance market in exchange for ceding fees. State National Companies is a division of Markel, a Fortune 500 holding company for insurance, reinsurance, and investment operations. To learn more, please visit statenational.com and connect on LinkedIn. For more information about State National, visit https://www.statenational.com