Lenders liability coverage

{
  "id": "MLC-T-INS-001986",
  "term": "Lenders liability coverage",
  "field": "Insurance and risk management",
  "definition": "Insurance that protects financial institutions from claims of wrongful acts committed in the course of their lending activities. It covers allegations such as breach of contract, wrongful foreclosure, providing inaccurate credit information, or failing to honor a loan commitment. This coverage is distinct from errors and omissions insurance for mortgage brokers, as it specifically addresses the liability of the lending institution itself.",
  "url": "https://mlchart.com/terminology/insurance/lenders-liability-coverage/"
}