American Share Insurance
American Share Insurance was founded in 1974, and has since become the biggest privately-owned insurance company for credit unions. The corporation expanded rapidly during the past 30 years, primarily due to its emphasis on a unique and revolutionary deposit-based insurance program. Credit unions choose to utilize American Share Insurance for a variety of reasons, including extensive coverage (up to $250,000 coverage within each account), lenient regulations, extensive experience, and their ability to communicate openly with members to receive constructive criticism that continuously improves their offerings. Having been in the business of underwriting and managing risks for the past three decades, American Share Insurance has amassed a significant amount of positive client feedback, becoming one of the most trusted insurance providers for credit unions in the world.
How to Apply for American Share Insurance
Fortunately, the process of applying for American Share Insurance is straightforward and hasslefree, and can be done online or over the phone. It should be noted that American Share Insurance does not provide personal insurance policies, and instead caters to the needs of credit unions. If you are a credit union employee owner and you are interested in applying for American Share Insurance and becoming a member of a well-established organization, you may need to contact the marketing department of American Share Insurance initially. Doing this will allow you to describe your requirements and preferences, while also giving you the opportunity to understand the restrictions and eligibility requirements associated with American Share Insurance coverage. After establishing contact and gaining a thorough understanding of the requirements, your credit union will need to submit an application for review before they can qualify as an ASI member.
Additional Coverage through Excess Share Insurance
American Share Insurance also provides additional coverage in the form of Excess Share Insurance (ESI), which offers financial assistance in the event that a member of the credit union exceeds their coverage level restrictions associated with the primary share insurance policy. In other words, excess share insurance is a form of umbrella insurance provided to credit unions so that they can give their members greater redundancy and security, also expanding plan coverage conveniently. If a credit union member is enrolled with a credit union that is protected by excess share insurance, and one of their financial accounts exceeds the balance limitations of the primary insurer, then ASI would provide an additional $250,000 coverage via the excess share insurance policy.
Facts About American Share Insurance
American Share Insurance provides in-depth details about reporting requirements related to credit union insurance policies within the policy terms. However, in most cases the policy-holding credit union must submit a financial statement on a quarterly basis, along with a full list of insured member accounts and a comprehensive delinquency report (which describes payment defaults and violations committed by each individual member of the union). American Share Insurance utilizes the services of Lace Financial Corporation to determine fair and secure monthly premium rates based on a variety of factors. It should be noted that it is possible to contact the benefits administrator of your credit union and request that American Share Insurance or Excess Share Insurance be provided to members. If your credit union is able to obtain approval for American Share Insurance then they will receive all of the marketing materials needed shortly thereafter, including but not limited to sample letters, informative articles, comprehensive brochures, and even advertising booths. These marketing materials can be used by your credit union to attract other members towards some of the benefits of Excess Share Insurance or conventional coverage provided by American Share Insurance.