Financial Institution Bond

Your credit union bond is a very important and, required component of your Risk Management. Each portion of that bond serves a specific and calculated risk. It is a complicated product that requires thorough review in order to keep your credit union, your directors and staff, and your members protected from any unforeseen circumstances surrounding the covered risks.

The NCUA will now require your Bond insurance to be signed off on by a board member, therefore due to the complexities of the bond and all of the coverages available, Calger’s partnership with reputable leaders in the credit union bond market makes us the perfect partner for looking at this all-important requirement that each credit union has. Although the rule change strengthens a board of directors’ oversight of the credit union’s fidelity bond coverage, it is also important to have a good understanding of the types of losses that may occur, but for which insurance does not exist.

Too often the premium rate for your bond increases year after year even when you have been diligent about avoiding risks that may bring about claims! Working with experts to help you become renewal-ready is important in keeping your premium down and avoiding restrictions being added to coverage. It is imperative that before sending applications and information to underwriters we work together to provide the most comprehensive insurance information submission that provides the granular detail that describes your unique credit union’s strength and controls.

Let us help you navigate these waters by working with you in reviewing your current coverages and recommending a package that fits your credit union – and your budget.