Abstract: A method for insuring against collateral or property damage in a secured transaction includes monitoring the insurance status of each individual loan or lease. If insurance is not maintained as agreed by the borrower or lessee, an insurance policy is obtained with the premium for said insurance determined using a blind rating method. Information known about the collateral, as well as other criteria, are weighted and calculated to determine a blind rating score. The blind rating score is then used to determine the premium for replacement insurance policy. A system for implementing a Method includes a property database and a blind rating criteria database.