This document discusses lender placed insurance, which is insurance that banks and lenders obtain to protect their financial interest in a property when the borrower's insurance lapses. There are two main ways for banks to manage lender placed insurance - keeping tracking in-house using an online system, or outsourcing tracking to a third party. Outsourcing tracking transfers some risks and responsibilities to the third party, but also involves a monthly fee in addition to insurance premiums. Lender placed insurance helps banks manage the risks of uninsured properties and is an important tool for protecting their financial interests.