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My billing statement reflects a charge for API or I have received a letter regarding API, what is this?

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My billing statement reflects a charge for API or I have received a letter regarding API, what is this?

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HSBC is unable to determine current insurance coverage. API, Asset Protection Insurance, is either in process or has been added to your loan. If you have current insurance coverage, please contact our insurance tracking center, Balboa, at (866) 402-8074 or by fax at (866) 595-1376. If you have questions regarding API, please call HSBC Customer Service at (800) 418-1888 for additional information.

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