CUNA Mutual Group and Lee & Mason Financial Services Inc. have partnered to offer a stand-alone commercial property foreclosure property and liability insurance policy for credit unions' member business loans.
Today's extremely difficult economy is causing financial strains on members' commercial loan portfolios, notes Michael Harty, director of credit union Protection Product Distribution for CUNA Mutual.
‘Commercial and residential property foreclosures are increasing and creating a potential coverage gap in a credit union's insurance program,’ says Harty. ‘CUNA Mutual's bond policy protects a credit union against coverage gaps for residential foreclosures. Our partnership with Lee & Mason now enables credit unions to better manage risks associated with owning an increasing number of foreclosed commercial properties.’
Credit unions can obtain more information and apply for coverage by completing an online application on the CU Protection Product page on www.cunamutual.com.
SOURCE: CUNA Mutual