CUNA Mutual Group Providing Temporary Increase in On Premises Limits

March 26, 2020 |

In a letter to league presidents, CUNA Mutual Group announced it has temporarily increased On Premises limits for its Bond Policyholders by $500,000, effective March 19, 2020, until May 18, 2020.

The announcement reads:

We’re living in unprecedented times and as the situation with coronavirus (COVID-19) continues to develop, CUNA Mutual Group is ready to serve you and your members when you need us most.

To support you during this difficult time with your cash management, effective today, March 19, 2020, we are automatically increasing the On Premises limits for our Bond Policyholders by $500,000.

  • This increase is effective until May 18, 2020, 11:59:59 pm, at which time it will revert back to your limits in effect prior to March 19, 2020.
  • This increase is provided at no charge and without any change in deductible.
  • No action required by you.

If you need a higher limit, please contact your P&C Consultant.

  • Please understand that we will underwrite these larger requests based on your safe/vault ratings and physical security.
  • Increased limits may be subject to an increased deductible.

For credit unions with ATM Off Premises coverage:  You already have the maximum limit we offer, therefore, we are unable to increase your ATM Off Premises limit.  (Please note:  ATMs that are in or up to 500 feet from your offices are covered under On Premises.)

RISK MANAGEMENT RESOURCES:

Our Risk and Compliance Team published several COVID-19 Risk Alerts that you may find helpful as you consider your business resilience plans.

If you have specific risks, concerns, questions, or need to locate relevant resources; contact a CUNA Mutual Group Risk Consultant at 800.637.2676, riskconsultant@cunamtual.com, Ask a Risk Consultant form, or schedule a virtual risk consultation through our online scheduling.