As quickly as the year comes around we are approaching the renewal period for insurances for the Credit Union Industry. Last year, at CUNA Mutual, we launched our Commercial Insurance program (Property and Liabilities Cover) in the UK, during the establishment of this new program we reviewed the Insurances of the many CUs who applied for a quote, an “Insurance MOT”.
There were several things that stood out as concerning:
- insurances that didn’t take into account that the CU is operating as a Financial Institution,
- policies lacking in Liability Cover (Employers and Public Liability),
- cover not extending to additional branches/collection points,
- underinsured property and contents,
We encourage you to conduct a full review of all of the CUs insurances:
- Do we have all the insurances legally required? (Fidelity Bond and EL/PL)
- Are the insurances we currently have adequate and at the right level of cover?
- Are there any potential risk that haven’t been fully considered?
Of course we would like to have all Credit Unions insured via CUNA Mutual, but much more important to us is making sure Credit Unions are adequately protected, irrespective of the provider they choose.
If you would like us to review any aspect of your insurances, just get in touch.
Contact us at insurance@cunamutual.co.uk