Members of the $6 billion Corporate One FCU now have access to a no-cost, no-obligation insurance risk and gap review, the Columbus, Ohio-based corporate said this week.
The new service is made available to both Corporate One's capitalized and associate members – some 973 credit unions – thanks to a new partnership announced Thursday with Kansas City-based Lockton Companies, an insurance brokerage firm that provides insurance, risk management and employee benefits solutions.
As part of the Corporate One agreement, Lockton will provide risk evaluation and insurance and bond solutions to credit unions. The program evaluates and can develop solutions for fidelity bond, directors' and officers' liability, property, liability, Workers' Compensation, plastic card, mortgage impairment/E&O and umbrella coverages, Corporate One said in a release.
Lockton's risk/gap review aims to help credit unions better understand their risk profile, where they have coverage or are exposed and identify any gaps or issues in the coverage, the corporate said. Credit unions can then benchmark against other credit unions and compare the existing coverage to what is available in the marketplace.
Lockton will also recommend insurance products tailored to each credit union's needs.
“Being a broker who specializes in credit unions, we understand the risks credit unions face and the challenges to evaluate proper solutions. Since we are not the insurance company, we can be an advocate and help determine the current risk and what coverages are or are not needed,” said Matt Sweeney, Lockton's credit union practice leader.
Lee Butke, Corporate One president/CEO, said his corporate has used Lockton's risk profile and coverage services for years, and has been so happy with the firm's service, it decided to make it available to members.
“Having an independent third-party provide an unbiased analysis of the credit union's risk and how the insurance/bond coverage will or won't respond is a great benefit to CEO/managers who often don't have the time to devote to such an effort. Lockton makes the process easy and credit unions' boards of directors enjoy knowing that they have fulfilled an important due-diligence requirement and the credit union is protected correctly,” Butke said.
Superior FCU President/CEO and Corporate One member Phil Buell provided a testimonial for Lockton, saying evaluating bond coverage isn't something his $417 million credit union specializes in. However, getting the right coverage is one of the most important things the Lima, Ohio-based credit union can do to protect the institution and members' assets.
“Lockton represented an independent and objective voice in the evaluation of our risk profile and we now have a better understanding of our needs and better coverage because of their service,” Buell said.
Credit unions can learn more about the new service on Corporate One's website, or by calling (877) 611-5952.
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