SECURITY VALUE SHORTFALL WAIVER AGREEMENTSecurity Value Shortfall Waiver Agreement • November 12th, 2018
This security value shortfall waiver agreement is designed to cover the shortfall between the insured value of a motor vehicle (“the vehicle”) which is collateral under a secured loan agreement and the outstanding balance under that agreement in the event of damage to the motor vehicle. We will only waive the shortfall if the vehicle has been insured under a comprehensive motor vehicle insurance policy (“CMVIP”) and if the insurance company has ”written off” the vehicle and paid out or is to pay out the full insured sum for loss or accident under the CMVIP.
