Credit Union Insurance Coverage Checklist
The coverages a credit union business may carry — core, prevalent, and situational — why each matters, and the gap most often missed.
Pull out your current policy and check the box next to any coverage you can confirm is already in place — anything unchecked is worth a quick conversation with your advisor. Coverage checklist for credit unions. Priorities reflect typical exposure; confirm against asset size and services.
Tick each coverage you can confirm you carry — anything left unticked is a good question for your next policy review.
| Have it? | Coverage | Why this business needs it | Priority |
|---|---|---|---|
| Fidelity Bond (NCUA Part 713) | Required by NCUA — covers employee dishonesty, forgery, and certain fraud losses. | Core | |
| Directors & Officers | Covers volunteer board and management decisions. | Core | |
| Cyber Liability | Covers breaches, ransomware, and funds-transfer fraud. | Core | |
| Professional / Lender Liability | Covers claims from lending and member-service errors. | Prevalent | |
| Employment Practices | Covers employee claims. | Prevalent | |
| Commercial Property & General Liability | Covers branches, equipment, and member injuries. | Core | |
| Mortgage Impairment | Protects the credit union's interest when a borrower's property insurance fails. | Situational |
The coverage gap most often missed
The most commonly missed gap for this class is a fidelity bond sized to the minimum. NCUA sets minimum bond amounts by asset size, but check and payment fraud losses now often exceed them — and the loss usually lands on the institution. Credit unions should review bond limits against current fraud exposure and confirm how check and wire fraud are covered.
Send us the checklist and we'll review your credit union coverage line by line, then market it across multiple carriers that compete for your account.
Related: Credit Union Insurance · Credit Union Supplemental (apply) · All coverage checklists
Frequently asked questions
What insurance does a credit union business need?
The core coverages for a credit union business are Fidelity Bond (NCUA Part 713), Directors & Officers, Cyber Liability, Commercial Property & General Liability. This checklist also lists the prevalent and situational coverages worth considering, with a plain-English note on why each matters.
Is this checklist insurance advice?
No. It is a free educational tool to help you have a more informed conversation with a licensed professional. It affords no coverage and is not insurance, legal, or financial advice — only your actual policy language governs what is and isn't covered.
Can Cory Washington & Co. review my credit union coverage?
Yes. Share your checklist and we'll review your program line by line, market your account across multiple carriers, and explain the trade-offs in plain English. Cory Washington & Co. LLC is licensed in all 50 states.
This checklist is a free educational tool from Cory Washington & Co. to help you review your own coverage and have a more informed conversation with a licensed insurance professional. It is general information only — not insurance, legal, or financial advice, and not a recommendation to buy, change, or cancel any policy. Coverage terms, availability, limits, and requirements vary by policy, carrier, and state, and only the language in your actual policy governs what is and isn’t covered. Checking or leaving blank any item above does not indicate that you are adequately insured or under-insured. Using this checklist does not create a client, agency, or fiduciary relationship. Always consult a licensed professional about your specific situation.