60rican Bankers' Insurance Co. of Florida v. Wells

WALLER, Justice,

for the Court:

¶ 1. Fidelity Financial Services, Inc.1 is in the business of providing consumer *1199loans. It financed the purchase of automobiles by both Linda M. Wells and James E. Oliver. Fidelity required both Wells and Oliver to obtain and maintain insurance to protect Fidelity’s security interest in the automobiles. Under the terms of the security agreement, if the automobile became uninsured during the life of the promissory note, Fidelity had the right to purchase collateral protection insurance (“CPI”) at a rate which is subject to approval by the State Department of…