Credit Union Insurance Expertise
- Unbiased, Knowledgable, Professional, Informed


Insurance protection for credit unions is a specialty area of insurance. We have an in-depth knowledge and understanding of the coverages, insurance markets, risk management issues, and intricacies involved in helping credit unions get the best coverage at the best price.

Consulting On, But Never Selling, Insurance



Unbiased Insurance Consulting Services for Credit Unions


Due Diligence Coverage Review & Analysis

A comprehensive review of your credit union's insurance exposures and your current insurance program. What are the coverage gaps and overlaps? Are you working with the right insurance company?

Your Results: You get lower insurance costs and a greater understanding of what your insurance covers and what it doesn't cover. An independent, unbiased evaluation of your credit union insurance will eliminate costly policy gaps and overlaps.


Bid Management / Renewal Assistance

Use competition to get the best price and insurance coverage for your credit union. We provide assistance in the selection of qualified insurers and the analysis of the proposals offered.

Your Results: Your credit union obtains the best insurance coverage and price the marketplace has to offer. Unbiased assistance in the review and selection of the right insurance program makes your work easier and more effective.


Insurance Management Services
How do you manage the entirety of your credit union insurance program? What issues should be considered at renewal? Is this the right time for your agent to provide alternative quotes? What loss control services should your insurer provide? What claims management issues need to be addressed?
Your Results: You realize a reduction in the administrative burden insurance places on your bank. You get on-call expert assistance with any insurance matter - coverage, premium, or claims.


Claims Assistance
Is the insurance company handling your claim properly? Is the offered settlement fair based on the insurance coverage you purchased? Is a claim denial appropriate? What insurance coverage should have been in place?
Your Results: You're assured an equitable loss settlement from your insurance company. Our unbiased interpretation of how your coverage applies to the events that occurred gives you ammunition in your efforts to become whole. You get assistance navigating the process and a faster resolution of your claim.



Problems Recently Found By Our Insurance Reviews:

  • A financial institution with 10 branches and no extra expense coverage on any of them
  • Property insurance policies with coinsurance penalties that kick in after a loss
  • Incorrect listing of insured entities on the liability, auto, and umbrella policies
  • No debit card fraud coverage on the financial institution's bond
  • Low directors' and officers' limits of liability combined with inadequate aggregate limits of coverage
  • Missing locations from package policy
  • Inadequate Internet liability protection
  • Poorly written employment practices coverage that did not cover workplace harassment
  • No coverage on repossessed vehicles on the auto insurance program
  • Inadequate umbrella liability limits of coverage plus no coverage for foreclosed properties



Credit Union Teleseminar
- What Your Board Whats To Know About D&O Insurance

Get the recording of this fast paced session. I cover the topic of D&O insurance from a board member perspective and take questions from participants.

    -What is D&O?

    -How are board members protected?

    -Special coverage issues to look out for.

    -Does a board member's personal insurance help?

    -How much coverage is enough?

To get access to the session just send me an email at Scott@ScottSimmonds.com.




Client Raves:

"I have been thoroughly impressed with Scott's knowledge and understanding of the Insurance industry. Working with a consultant of Scott's caliber certainly makes my job as CEO a lot easier, as it is nearly impossible to stay on top of all the changes in the industry. Knowing that we have the proper type and amount of insurance protection is very comforting. Scott has been very easy to work with and extremely responsive to all my questions and concerns."

Matt Kaubris, President / CEO
Oxford Federal Credit Union



"We give Scott an A+++. He made sense of all the issues and his insight was invaluable."

Sherri Evans, VP Finance, CFO
TruChoice Federal Credit Union




Credit Union Management - Monthly Insurance Column - Insurance Matters


Insurance Matters: Bugaboos in Your CU's Bond» - May, 2011 Scott's CU Management/CUES Column - It's all negotiable - getting the best coverage from your insurer.


Insurance Matters: Bugaboos in Your CU's Bond» - April, 2011 Scott's CU Management/CUES Column - What you need to know about your credit union's bond insurance coverage.


Insurance Matters: Used Up and Left Out - D&O Insurance Concerns» - March, 2011 Scott's CU Management/CUES Column - Info for your board members on directors' and officers' insurance for your credit union.


Insurance Matters: Property Insurance For Credit Unions - Part 2» - February, 2011 Scott's CU Management/CUES Column - More info on property insurance to manage your credit union's insurance.


Insurance Matters: Property Insurance For Credit Unions - Part 1» - January, 2011 Scott's CU Management/CUES Column - The basics of property insurance. Questions to ask your agent.


Insurance Matters: What's Claims Made» - December, 2010 Scott's CU Management/CUES Column - An overview of claims made insurance policy issues to be aware of.


Insurance Matters: Employee Driver Policy» - November, 2010 Scott's CU Management/CUES Column - What coverage is needed when staff use their own cars for CU business?


Insurance Matters: Employment Practices Liability Insurance Tips and Traps» - October, 2010 Scott's CU Management/CUES Column - Introduction to Employment Practices Liability Insurance




Credit Union Insurance Ideas and Information


The Questions Credit Unions Should Ask Their Insurance Agents» - Free White Paper - Learn the quality of your credit union's insurance program by asking the right questions.


Your Assets, D&O Insurance , and Regulatory Exclusions» - October, 2010 Article from the Center For Credit Union Board Excellence. Covers some of the current issues of concern for credit union directors.


Is CUNA Mutual Too Powerful?» - September, 2010 letter to Credit Union Times.


Credit Union Insurance Coverage Review» - Learn if your credit union's insurance program is as comprehensive as you think it is.


Video: The Credit Union Ex-CEO»