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CUNA Mutual alliance to provide collateral protection
MADISON, Wis. (7/30/09)--CUNA Mutual Group and State National Companies are partnering to provide tracked collateral protection insurance (CPI) to more than 700 credit unions. CPI is a commercial product that protects the collateral on credit unions’ loan portfolios against uninsured physical damage exposures. Tracked programs generate notices to members who aren’t in compliance with their loan agreement to maintain a minimum level of physical damage insurance. When proof of insurance is not provided, a policy is placed on the collateral to protect the credit union if the collateral becomes damaged and needs to be repossessed. State National is assuming the insurance tracking, underwriting, claims processing and customer service for CUNA Mutual’s tracked consumer CPI business. CUNA Mutual will continue to offer its other collateral protection products, including blanket, immediate issue, real estate, title tracking and several optional coverages. Policies will be underwritten by State National Insurance Co., rated “A” (Excellent) by A.M. Best. CUNA Mutual customers will maintain their CUNA Mutual sales executive as their primary point of contact, with specific tracked collateral protection product expertise and support from a State National expert. Representatives of both companies will deliver credit union staff training.
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