Corporate Central Credit Union has announced that it has partnered with Lockton, the world's largest privately owned independent insurance broker, to offer a comprehensive risk solutions program to credit unions.
Included are coverage options for bonds, directors' and officers' liability, property, liability and workers' compensation.
The starting point, said Chris Felton, senior vice president-member relations for the Muskego, Wis.-based corporate, is a comprehensive, exhaustive and no-cost analysis of a credit union's existing coverage.
“We have been through it ourselves. It requires work on the credit union's part so it's not for everyone. But it can identify large gaps in existing coverage,” said Felton. Lockton then helps identify ways to fill those gaps but buying any policies is entirely volitional, said Felton.
“In this industry nowadays it sometimes seems there is a lawsuit every day,” added Felton. “Most credit unions don't look at the coverage they have until they need it – and then they may find gaps they didn't know existed. This analysis will help prevent that.”
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