Collateral Protection Insurance (CPI)

Collateral Protection Insurance (CPI) allows the credit union to protect its collateralized loan portfolio against losses stemming from damage, total destruction or loss of the collateral.

The cost to administer the program is usually supported by those members who fail to obtain and provide proof of adequate insurance coverage.

Plan Features and Benefits

• Allows your personal touch with customizing of wording, timing and number of notices sent to your members. 
• Tracks at no cost to you and at your option, the Titles/Registrations of Lien (RD108) forms.

Standard Policy Coverage

• All Risk Physical Damage
• Worldwide Protection Coverage
• Special Settlement Option
• Automatic E & O Coverage
• Outstanding Balance Definition
• Inclusion of Partial Theft Loss
• Optional Pro Rata Refunds 
• Waiver of Actual Cash Value (ACV) Settlement Option

Additional Coverages available through Endorsements

• Mechanics' Lien Expense Reimbursement
• Repossessed Property Coverage
• Repossession and Return Expense Reimbursement
• Repossession Storage Expense Reimbursement
• Instrument Non-Filing Errors and Omissions
• Repossession Expense without Loss
• Insufficient Insurance Coverage
• Premium Coverage
• Mechanical Breakdown Coverage
• Conversion, Secretion, Embezzlement and Confiscation (SKIP)
• Automatic Coverage Endorsement

For additional information, including online capabilities for credit unions and credit union members, CLICK HERE.