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Excess Insurance

Excess Share Insurance

Protect your members with coverage of up to $500,000. American Share’s excess share insurance provides an additional $250,000 of coverage on top of your primary coverage for credit unions in the State of California—whether you are covered by American Share or NCUA. Excess share insurance is available exclusively to credit unions, giving you a market advantage over all other financial institutions. This service is available to both state-chartered and federally chartered credit unions.

Why Add Excess Share Insurance as a Credit Union Member Benefit?

Supplementing your primary share insurance with American Share’s exclusive excess share insurance is one of the easiest and most powerful ways to increase your credit union member benefits while helping you increase your market share:

  • If NCUA is your primary share insurer, adding excess share insurance allows your credit union to double your basic coverage—up to $500,000 per member. Even greater coverage is available in special cases in California.
  • If American Share provides your primary share insurance, you can provide members with even more coverage—up to $500,000 per individual account.
  • You can provide small business owners with up to $500,000 in coverage on their daily clearing accounts and longer term capital investment accounts—double the protection provided by other financial institutions.
  • Because excess share insurance is available exclusively to credit unions, adding this coverage to your member services gives you a market advantage over other financial institutions.

Coverage Details

Cost of Coverage

To activate coverage, a credit union approved for coverage places a refundable, at-risk deposit with American Share equal to 1% of the maximum limits of the policy purchased and approved. For example, a $5,000,000 policy would require a $50,000 deposit.

In addition to the deposit, credit unions also pay a monthly premium based on the actual share balances subject to our coverage, which may be reported/paid quarterly. Your premium rate is based on your credit union’s financial condition and rating. Ratings are determined by the Kroll Bond Rating Agency, a nationally recognized, independent third-party rating service of financial institutions. Please contact us for a quote.

Reporting and Monitoring

Credit unions with excess share insurance policies are required to submit quarterly coverage reports and their financial statements. This information is used to monitor each credit union’s continued insurability.

Onsite, no-cost examinations are periodically conducted by American Share professionals at excess-insured credit unions to better manage risk and minimize the cost of the program for all users. When completed, our examiners provide observations and recommendations to management on areas in which further member improvements may be possible. Our examinations are not regulatory in nature and provide a no-cost benefit to participating credit unions.

How to Apply

There are certain eligibility requirements that credit unions must meet in order to qualify. Please contact us to discuss the underwriting requirements and any regulatory limitations that may exist for your state.