Programs that help to protect credit union assets and safeguard members.
Accidental Death & Dismemberment
Generate new revenue and build member loyalty for your credit union by offering Accidental Death and Dismemberment (AD&D) insurance coverage to your members as a complimentary “thank you” offering.
Our Business Auto policy provides options for Liability and Physical Damage insurance. Coverage can be included to contemplate employees’ use of their owned vehicle on behalf of the credit union, rental vehicles, and owned vehicles furnished for the regular use of credit union staff. In addition, both liability and physical damage insurance is available for repossessed vehicles.
Collateral Protection Insurance (CPI)
Collateral Protection Insurance (CPI) effectively insures consumer property loans that become uninsured or are uninsurable. Throughout the life of the loan, the CPI provider monitors proof of insurance to ensure that policies remain in force. If policies lapse, notices are sent in accordance with established procedures.
Credit Insurance offers members the financial protection they need to help pay off or reduce their loans in the event of a covered death. With very few administrative duties involved, Credit Life Insurance is the perfect way for your credit union to earn additional income while securing your risks.
Credit Union Bond Program
Under the Bond and Management Liability Insurance programs offered by our carrier partners, multiple insuring agreements are available to protect credit unions. Coverage for losses committed by credit union employees, management and directors and officers involving fraud, theft and dishonesty are addressed under the Bond.
Cyber insurance can provide coverage for a variety of both liability and property losses which are the result of a credit union’s electronic activities. This very important insurance product is ever-evolving in today’s world of doing business electronically and we offer options designed to specifically address the needs of financial institutions.
Debt Protection & Involuntary Unemployment
All the benefits of Credit Insurance – with greater program flexibility. Like Credit Insurance, Debt Protection helps protect credit union members when specific events impact their ability to repay loan obligations. It safeguards lending institutions from costly charge-offs, delinquencies and collections. It also produces an important source of fee-based income for participating credit unions.
Equity Protection (Home Loans)
The Equity Protection Program is a fully insured lending program designed to generate quality loans to qualified borrowers. The program allows for a broadening of underwriting guidelines, while at the same time, insuring the lender against loss due to borrower default.
Guaranteed Asset Protection (GAP)
The GAP (Guaranteed Asset Protection) program provides comprehensive coverage for members and the credit union. It helps your members bridge the “gap” between the amount they owe on the loan and the amount the automobile insurance company pays if their vehicle becomes totaled or stolen. It also helps the credit union protect its auto loans from the risks of deficiency balances after total loss and to earn more non-interest income.
Lenders/Vendors Single Insurance (LSI/VSI)
Broad protection against collateral loss for the entire loan/lease portfolio, without the need to track insurance status. Uninsured collateral is not a random occurrence. Though credit unions require borrowers to obtain physical damage insurance, there is no guarantee that they will get the required coverage or keep it in force throughout the entire term of the loan.
Mortgage Impairment and E&O Coverage
A variety of insurance products and coverage approaches are available to protect the lender’s interest in properties when the borrower has failed to maintain the required property insurance, or for foreclosed properties.
Help members protect their largest asset – their home. Mortgage Life and Disability Insurance helps provide the benefits to reduce or pay off a member’s mortgage should a covered death or disability occur – not only protecting the family home, but leaving other coverage available for other living expenses.
Property and Commercial Umbrella Insurance
We offer property insurance, with enhancements to specifically address the needs of credit unions, to cover buildings, business personal property and electronic data processing equipment. Packaged with the property coverages, is General Liability Insurance, as well as Umbrella Insurance.
Vehicle Return Plans (VRP)
Vehicle Return Plans help the member to return a financed vehicle should they experience a qualifying life event that affects their ability to repay their vehicle loan. These plans, in turn, help credit unions to protect their auto loan portfolio, mitigate risk and reduce charge-offs due to delinquency.
Workers Compensation Insurance
This insurance typically covers medical costs and a portion of lost wages for an employee who becomes injured or ill during the course of employment. It also protects the insured from being sued by employees for workplace conditions that can cause an injury or illness.