One of the requirements of our Loan Agreement is to protect collateral securing the loan. This involves us receiving, depending on the type of collateral (auto, home, etc.), confirmation of comprehensive and collision insurance coverage, homeowners insurance coverage, or flood insurance coverage listing Market USA Federal Credit Union as lien holder. If we do not receive the applicable insurance information, we may purchase insurance coverage (Collateral Protection Insurance) to protect our interest in the collateral and add the expense of the Collateral Protection Insurance to the loan, which may increase the monthly loan payment.
If you received a letter from us requesting insurance information, you can now quickly and easily submit this information online. You are also able to check to see if we have received your information, file a Collateral Protection claim, and learn more about Collateral Protection Insurance.