The Master Bond Program is a core offering by Stabilization Central that provides insurance to BC credit unions against fidelity crimes, fraud, and other risks.
With competitive premiums, the Master Bond Program carries excess insurance of $60M/$120M in accordance with the Canada Mortgage and Housing Corporation’s (CMHC) requirements for securitized portfolios.
How It Works
The Master Bond Program by Stabilization Central operates as a bundled insurance solution, designed to protect credit unions from various operational risks. Key features include:
- Bundled Coverage:
Covers employee dishonesty, external fraud, cyberattacks, and professional liability under a single policy. - Streamlined Risk Management:
Centralizes multiple types of coverage into one package, making it easier for credit unions to manage. - Simplified Claims Process:
Provides support and efficient claims handling, minimizing disruptions to credit union operations.
Credit unions gain comprehensive protection with an easy-to-manage approach.
Advantages of the Master Bond Program
The Master Bond Program offers several key advantages for credit unions:
- Cost Efficiency:
Bundled coverage reduces costs compared to purchasing individual policies. - Easy Administration:
One provider handles all coverage types, saving time and resources. - Regulatory Compliance:
Helps credit unions meet financial protection and regulatory standards. - Access to Expertise:
Includes guidance from industry specialists in managing credit union-specific risks. - Computer Crime Risk Coverage:
Offers protection against modern threats like data breaches and cyberattacks.
Have a question about the Master Bond Program?
Our dedicated team would love to hear from you. Email us or call us at (604) 730-5107.