COLUMBUS, Ohio (11/6/12)--Corporate One FCU has partnered with Lockton Companies to provide risk evaluation and insurance and bond solutions to credit unions.
The program evaluates and can develop solutions for the fidelity bond, directors' and officers' liability, property, liability, workers' compensation, plastic card, mortgage impairment/errors and omissions and umbrella coverages.
The partnership with Lockton provides credit unions a no-cost/no-obligation extensive risk/gap review. This will help credit unions better understand their risk profile, where they have coverage or are exposed and identify any gaps or issues in the coverage. They can then benchmark against other credit unions and compare the existing coverage to what is available in the marketplace.
Following the risk-review process, if remedies are required, Lockton can develop better coverage solutions from a list of insurance markets tailored to the credit union's needs. This process helps credit unions gain a better understanding of their insurance coverage, and satisfies the vendor review due-diligence and fiduciary duty to their members and regulators, Lockton said.