Credit Union Bond

Credit unions are required to have Fidelity Insurance, that is, insurance against fraud and dishonesty by their employees, Directors and Officers. It is important for a credit unions to choose a policy that is right for its specific circumstances, to choose a provider with expert knowledge of Credit Unions, and a policy type that is specific to the needs of volunteers directors and staff.

Our Fidelity Bond

CUNA Mutual’s Credit Union Fidelity Bond has been designed by Credit Union experts uniquely for Credit Unions. It is a robust policy, ensuring the Credit Union’s financial assets and operations are protected, providing the management and Board with the assurance needed to operate and grow their business. CUNA Mutual’s Credit Union Bond has been designed uniquely for Credit Unions, its wording and structure is based on our experience and expertise of Credit Unions and based on our knowledge of the specific needs of volunteer directors and staff.

CUNA Mutual’s cover includes:

  • Employee or director dishonesty
  • Money lost via loss, theft or fraud in transit or on premises
  • Employees / members property stolen during robbery/burglary
  • Fraudulent deposit & Forgery
  • Extortion, kidnap & ransom
  • Acceptance of counterfeit currency
  • Electronic crime
  • Directors & Officers (D&O) cover is offered on an optional basis, for those Credit Unions who require it. As Credit Union operations increase in complexity, and with the growing pressure of increased consumer, Regulatory and operational pressures upon the Board, many Directors and Officers are seeking to ensure that a professional insurance policy is provided to safeguard specific potential liabilities that could be incurred by these volunteer Directors and Officers.
  • Professional indemnity (PI) insurance is provided on an optional basis for those Credit Unions who offer professional advice to members and feel they need (or are required) to have this cover.
    • PI provides protection for individuals and Credit Unions arising from their exposure to claims of:
      • negligence,
      • failure to perform a service and
      • error or omission in the service or product sold by the policyholder.

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