Home > Excess Share Insurance > Program Details Few products or services significantly differentiate credit unions from the many choices consumers have. Excess share insurance has proven to give credit unions a competitive edge! For most credit unions, it has a direct and immediate impact on share growth.
Below is a basic overview of the ESI excess share insurance program. For more details, please contact us.
Coverage ESI's coverage provides up to an additional $250,000 of insurance once a members' balance exceeds the coverage provided by the credit union's primary insurer (either the NCUA or American Share Insurance).
The coverage is typically written as a policy covering all share accounts at the credit union. By doing this it is easy for both your members and employees to understand.
Cost The cost is dependent upon the maximum policy limits assigned your credit union. All insured credit unions remit a 1%, refundable at-risk deposit based on the maximum policy limits of coverage. A $5,000,000 policy, for example, requires a $50,000 deposit with ESI.
Additionally, insured credit unions pay a quarterly premium based on the actual reported coverage and the credit union's financial condition and rating.
Marketing Support We want you to succeed. To help you maximize the marketing potential of this valuable new benefit, ESI provides you with marketing materials that include:
- Consumer brochures
- Sample newsletter articles
- Camera-ready art for advertising
- Counter displays
Termination The policyholding credit union or ESI can terminate coverage. In either case, individual members must be notified in writing of any termination or changes in the insurance on their accounts.