Members of the $6 billion Corporate One FCU now have access to a no-cost, no-obligationinsurance risk and gap review, the Columbus, Ohio-based corporatesaid this week.

The new service is made available to both Corporate One'scapitalized and associate members – some 973 credit unions – thanksto a new partnership announced Thursday with Kansas City-basedLockton Companies, an insurance brokerage firm that providesinsurance, risk managementand employeebenefits solutions.

As part of the Corporate One agreement, Lockton will providerisk evaluation and insurance and bond solutions to credit unions.The program evaluates and can develop solutions for fidelity bond,directors' and officers' liability, property, liability, Workers'Compensation, plastic card, mortgage impairment/E&O andumbrella coverages, Corporate One said in a release.

Lockton's risk/gap review aims to help credit unions betterunderstand their risk profile, where they have coverage or areexposed and identify any gaps or issues in the coverage, thecorporate said. Credit unions can then benchmark against othercredit unions and compare the existing coverage to what isavailable in the marketplace.

Lockton will also recommend insurance products tailored to eachcredit union's needs.

“Being a broker who specializes in credit unions, we understandthe risks credit unions face and the challenges to evaluate propersolutions. Since we are not the insurance company, we can be anadvocate and help determine the current risk and what coverages areor are not needed,” said Matt Sweeney, Lockton's credit unionpractice leader.

Lee Butke, Corporate One president/CEO, said his corporate hasused Lockton's risk profile and coverage services for years, andhas been so happy with the firm's service, it decided to make itavailable to members.

“Having an independent third-party provide an unbiased analysisof the credit union's risk and how the insurance/bond coverage willor won't respond is a great benefit to CEO/managers who often don'thave the time to devote to such an effort. Lockton makes theprocess easy and credit unions' boards of directors enjoy knowingthat they have fulfilled an important due-diligence requirement andthe credit union is protected correctly,” Butke said.

Superior FCU President/CEO and Corporate One member Phil Buellprovided a testimonial for Lockton, saying evaluating bond coverageisn't something his $417 million credit union specializes in.However, getting the right coverage is one of the most importantthings the Lima, Ohio-based credit union can do to protect theinstitution and members' assets.

“Lockton represented an independent and objective voice in theevaluation of our risk profile and we now have a betterunderstanding of our needs and better coverage because of theirservice,” Buell said.

Credit unions can learn more about the new service on CorporateOne's website,or by calling (877) 611-5952.