What does the OPCF 23A endorsement protect?

The OPCF 23A endorsement, also known as the "Lenders Loss Payable" endorsement, is designed to protect lienholders in the event of a claim related to an insured vehicle. This endorsement ensures that the financial interests of the lienholder are safeguarded when there is a loss or damage to the vehicle. In the event of an accident or theft, the lienholder is assured that they will be compensated for the remaining balance owed on the vehicle, even if the insurance payout would normally be directed toward the policyholder.

This is particularly important in the context of financing or leasing a vehicle, as lienholders want to ensure that their investment is protected against potential losses. By including the OPCF 23A endorsement in an auto insurance policy, vehicle owners can facilitate smoother transactions with lienholders and provide financial security for both parties in case of a claim.

The other options, while related to different aspects of auto insurance, do not accurately describe the specific purpose of the OPCF 23A endorsement. Claims related to theft of vehicles, liability for damage to personal property, and coverage for personal injuries are addressed under different provisions of auto insurance policies.