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Corporate One Adds Risk Evaluation and Insurance/Bond Offerings

Members to receive preferential access to a network of insurers and coverage options


Nov. 1, 2012 -- Corporate One Federal Credit Union announced today that it has partnered with Lockton Companies (Lockton), a global leader in insurance and risk management, to provide risk evaluation and insurance and bond solutions to credit unions. The program evaluates and can develop solutions for the Fidelity Bond, Directors’ and Officers’ Liability, Property, Liability, Workers’ Compensation, Plastic Card, Mortgage Impairment/E&O and Umbrella coverages.

The partnership with Lockton provides credit unions a no-cost/no-obligation extensive risk/gap review. This will help credit unions better understand their risk profile, where they have coverage or are exposed and identify any gaps or issues in the coverage.  They can then benchmark against other credit unions and compare the existing coverage to what is available in the marketplace. Following the risk review process, if remedies are then required, Lockton can then develop better  coverage solutions from an array of best-in-class insurance markets tailored to the credit union’s needs. This process helps credit unions gain a better understanding of their insurance coverage, and satisfies the vendor review due diligence and fiduciary duty to their members and regulators.

“Corporate One continuously looks for ways to provide value to our members,” said Lee Butke, the corporate’s president and CEO. “Corporate One has used Lockton’s services for several years to help us better understand our risk profile and coverage options, and we couldn’t be happier. That’s why we have decided to make this service available to other credit unions. Having an independent third-party provide an unbiased analysis of the credit union’s risk and how the insurance/bond coverage will or won’t respond, is a great benefit to CEO/Managers who often don’t have the time to devote to such an effort. Lockton makes the process easy and credit unions’ boards of directors enjoy knowing that they have fulfilled an important due-diligence requirement and the credit union is protected correctly.”

"Evaluating bond coverage is not something we specialize in at the credit union; yet getting the right coverage is one of the most important things we can do to protect the credit union and our members' assets,” said Corporate One member and Superior FCU President/CEO Phil Buell in a testimonial. “With Lockton as our broker adviser, we had an advocate who was committed to protecting the credit union, its management and our volunteer board. Lockton represented an independent and objective voice in the evaluation of our risk profile and we now have a better understanding of our needs and better coverage because of their service.”

“We have worked with Corporate One for several years now and are delighted to be able to offer the same expertise and advice to the membership,” said Matt Sweeney, Credit Union Practice Leader for Lockton Companies.  Being a broker who specializes in credit unions, we understand the risks credit unions face and the challenges to evaluate proper solutions.  Since we are not the insurance company, we can be an advocate and help determine the current risk and what coverages are or are not needed.  We can then objectively evaluate the current programs and how they compare to others so that to ensure the board and credit union is properly protected.

Credit unions can learn more about Corporate One’s Insurance and Bond Solutions through Lockton on www.corporateone.coop or by contacting 877/611-5952.