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Excess Share Insurance
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Common Questions
If your questions about ESI’s excess share insurance aren’t answered here, please don’t hesitate to
contact us
.
Does ESI require credit unions to provide excess share insurance on all classes of share accounts?
No. However, providing excess share insurance on all classes of accounts is the simplest way to monitor and market the program. Should you elect to provide excess coverage only on specific classes of accounts, then proper disclosure to members is required. Special coverage exceptions are made on a case-by-case basis.
What marketing materials are available to assist us?
Once your credit union is approved and your policy becomes effective, we will provide you with marketing supplies including sample newsletter articles, suggested member correspondence, counter stands and an initial supply of consumer brochures that explain the coverage. Additional items may be ordered online via the
Policyholder Login
section
.
What reporting is required for ESI coverage?
Complete reporting details are provided in the policy. Credit unions are typically required to submit quarterly financial statements and a loan delinquency report. A listing of insured accounts and premiums are also reported quarterly. All reporting and premium payments can be processed on-line.
How are monthly premium rates determined?
Approved applicants are assigned a rating as determined by LACE Financial, a third-party, nationally recognized financial institutions rating service. This service reviews multiple financial ratios and assigns a rating between A+ and E to each credit union. These ratings are used to determine your credit union's monthly premium rate.