One of the requirements of the loan on the above-mentioned collateral is that you carry a policy of insurance, which protects the Credit Union from financial loss. The insurance must remain in force throughout the term of the loan. You may obtain insurance from an agent of your choice so long as the policy meets ALL the following criteria:
- Named Insured: Borrower/Co-Borrower(s) AND
- Coverage: Comprehensive AND Collision AND
- Deductible: Not to exceed $1000.00 AND
- Loss Payable Clause Endorsement: Naming PRIME FINANCIAL CREDIT UNION as lien holder
How to Submit
IMPORTANT: You must direct the agent to provide the Credit Union a copy of the policy declaration page either by:
IF WE DO NOT RECEIVE A COPY OF YOUR INSURANCE POLICY WITHIN 30 DAYS, the credit union may order a policy to protect itself against financial loss for the loan term. The premium for such insurance will be added to the balance of your loan, and your payments will be increased to cover the full premium amount for the remaining term plus interest. Insurance added to your loan by the credit union protects the credit union. This policy does not afford any protection against bodily injury or property damage liability and will not fulfill the requirement of any financial responsibility law.