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Excess Insurance

Excess Share Insurance

Show your strength by offering protection no banks and few credit unions can offer – excess share insurance from American Share. Your current members will notice, and so will new ones.

Protect your members with coverage of up to $5,000,000 over your primary share insurance limits, whether you are covered by American Share or NCUA. Excess share insurance is available exclusively to credit unions, giving you a clear market advantage over all other financial institutions.

Excess Share Insurance Options

American Share offers three excess share insurance options based on the unique needs of your credit union and your members. In some cases, credit unions select multiple policies in order to accomplish their deposit and liquidity objectives. 

Double Cover can protect every member of your credit union by providing up to $250,000 of coverage above and beyond the limits afforded by your primary share insurer.

Select Cover allows your credit union to insure balances up to $5,000,000 above the limits afforded by your primary share insurer, accommodating specific members, larger business and institutional type member accounts.

Custom Cover adds up to $250,000 beyond your primary coverage limits on specific classes of accounts, such as IRAs or CDs.

Cost of Coverage

Once approved, your credit union will place an at-risk-based deposit with American Share equal to 1% of your Maximum Limits of Liability before the coverage is effective.

Once your policy is active, each quarter you’ll be required to submit a reporting of actual shares subject to the excess insurance coverage. You will also remit a variable-rate premium based on your credit union’s rating, as determined by Kroll Bond Rating Agency, Inc (KBRA). You only pay for the coverage you use, and not the Maximum Limits of Liability under your policy.

Reports and payments can be conveniently made through American Share’s online payment system.

Reporting and Monitoring

Quarterly, American Share’s Examination & Insurance Department looks over your Call Report data from NCUA. This allows American Share to assure that your credit union is carrying sufficient coverage and that you remain financially safe and sound.

Periodically, you may be reviewed by American Share’s Examination & Insurance staff. Their objective is to assure the accuracy of the reported shares, or seek a more thorough understanding of your credit union’s financial affairs. Over 50% of these reviews are conducted remotely.

How to Apply

As with any type of insurance, there are maximum limits of liability that an insurer may assume, with many different options regarding the structure of the program. Please discuss these options with your sales manager, who stands ready to help properly assess the needs, type and limits of coverage necessary for your credit union.

Once your program type and policy details are determined, your sales manager will walk you through the application process. The full underwriting process typically takes three to six weeks, depending on the complexity of the program(s) and financial condition of your credit union.

Please complete the contact form at the bottom of this page for additional information.