Ir Shalem Investment Agency, a Bank of Jerusalem Group company, is a wholly-owned subsidiary of Bank of Jerusalem exclusively engaged, as provided for by regulation, in offering insurance coverage to mortgage borrowers (this condition is listed on the loan contract) - both property insurance and life insurance.
The company manages the bank's old collective insurance portfolio (through 2005) as well as the portfolio of new insured clients (since 2006).
Through 2005, clients could join the collective insurance through mortgage staff at branches, and insurance premiums were collected in conjunction with mortgage payment collection. As from 2006, the Ministry of Finance ordered the discontinuation of sale of insurance to borrowers as previously made, and regulation now provides for the manner of selling insurance to borrowers.
Consequently, the new Ir Shalem was incorporated, providing property- and life insurance under an individual policy paid directly to the insurance company, completely segregated from mortgage collection by the bank.
The process for obtaining insurance coverage pending loan origination is backed by an immediate coverage letter. Only after the loan is obtained, a policy is produced and current premiums are collected.
This is no ordinary insurance agency - the agency understands borrowers' direct link to mortgage payments and assists in putting borrowers in contact with those at the bank who should serve them.
The agency provides rapid, courteous service to insured clients in Israel and around the world.
Barak Gur Aryeh02-6230380
Professional backup service: Julie Sharon02-6230381Fax: 02-6230382
Sales and service: Standard Insurance03-929440903-9294411Fax: 03-9294183
Insurance Department: Danny Almaliach