What are Credit Unions?
- Residing or working within the same geographical area
- Being employed by the same organisation
- Belonging to the same church, trade union, or another association
What is Crime and Fidelity Insurance?
Crime Insurance, also referred to as Fidelity Insurance, can provide cover for financial losses incurred by your business due to theft, fraud, or dishonest activities. This specialised insurance can help to protect businesses and organisations from the financial repercussions that can arise from these unfortunate events.
By obtaining Crime and Fidelity Insurance, business owners and organisations can take proactive measures to safeguard their financial interests and mitigate the risks associated with employee-related crimes.
Why do Credit Unions need Crime and Fidelity Insurance?
Credit Unions must have Fidelity Insurance, which can provide cover for fraud and dishonesty committed by their employees and officers. Having a Crime Insurance policy which includes Fidelity Cover, can help to protect a Credit Union’s savings from any fraudulent action (i.e. theft of money) by the Credit Union or its employees. All Credit Unions are required by law to have Fidelity Bond Insurance or Crime Insurance. Credit unions can face severe financial consequences when subjected to economic crime and fraud.
To mitigate these risks, Crime and Fidelity Insurance tailored for Credit Unions, can provide cover against various threats such as forgery, embezzlement, telecommunications, social engineering fraud, dishonesty, theft, and similar activities committed by credit union members, directors, officers, and supervisory staff. This insurance offers vital protection to credit unions, safeguarding their financial stability and maintaining the trust of their members.
Cover for Credit Unions can include:
We can also offer the following cover for Credit Unions:
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Speak to us today to discuss how Crime Insurance could protect your Credit Union.